Legal Monopoly
What Is a Legal Monopoly? A legal monopoly refers to a company that is operating as a monopoly under a government mandate. A legal monopoly offers a specific product or…
What is an Application-Specific Integrated Circuit (ASIC) Miner
What Is an Application-Specific Integrated Circuit (ASIC) Miner? An application-specific integrated circuit (ASIC) is an integrated circuit chip designed for a specific purpose. An ASIC miner is a computerized device…
How Do You Mine Litecoin (LTC)?
What Is Litecoin (LTC) Mining? Litecoin (LTC) is a cryptocurrency created as a fork of Bitcoin in 2011. It uses a hashing algorithm called Scrypt that requires specifically designed mining…
Financial Action Task Force (FATF)
The Financial Action Task Force (FATF) is an intergovernmental organization that designs and promotes policies and standards to combat financial crime. Recommendations created by the Financial Action Task Force (FATF)…
Aggregate Supply Explained: What It Is, How It Works
What Is Aggregate Supply? Aggregate supply, also known as total output, is the total supply of goods and services produced within an economy at a given overall price in a…
Gold Standard: Definition, How It Works, and Example
What Is the Gold Standard? The gold standard is a fixed monetary regime under which the government’s currency is set and may be freely converted into gold. It can also…
What Was the Great Depression?
What Was the Great Depression? The term “Great Depression” refers to modern history’s most significant and prolonged economic recession. The Great Depression ran between 1929 and 1941, the same year…
Keynesian Economics Theory: Definition and How It’s Used
What Is Keynesian Economics? Keynesian economics is a macroeconomic theory of total spending in the economy and its effects on output, employment, and inflation. British economist John Maynard Keynes developed…
What Do the Federal Reserve Banks Do?
In 1913, the Federal Reserve Act established the Federal Reserve System (FRS), an independent governmental entity that would serve as a central bank to the U.S. government. In addition to…
What is the U.S. Treasury?
The U.S. Treasury, created in 1789, is the government department responsible for issuing all Treasury bonds, notes, and bills. The Internal Revenue Service (IRS), the U.S. Mint, the Bureau of…
