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BANK OF THE UNITED STATES: This was actually two central banks that preceded the Federal Reserve System as the nation's monetary authority. The First Bank of the United States, under the design of Alexander Hamilton, commenced operations in 1791, almost immediately after the U.S. Constitution was written and George Washington became the first U.S. President. Its charter was not renewed and it ceased to operate in 1811. Financial instability resulting from the absence of a central bank over the next few years prompted the formation of the Second Bank of the United States in 1816. The Second Bank's performance, however, was somewhat more suspect. When it knocked heads with President Andrew Jackson, a strong critic of central banking, the Second Bank ceased to be in 1836.
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LIMITED RESOURCES A basic condition of nature which means that the quantities of available labor, capital, land and entrepreneurship used for the production of goods and services are finite. It means that the economy has only so many resources that can be used AT ANY GIVEN TIME time to produce goods and services. Limited resources are one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is unlimited wants and needs.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for defective microphones.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"How wonderful it is that nobody need wait a single moment before starting to improve the world." -- Anne Frank
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ISMA
International Securities Market Association
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