Portal:Business/Did you know
(Redirected from Portal:Business/Did you know/August 2008)
Did you know 1
Portal:Business/Did you know/1
- ...that former Harvard University president Lawrence Summers served as the World Bank Chief Economist from 1991 to 1993?
- ...that André Meyer quit school at age 16 to work as a messenger boy, and was later described as "the most creative financial genius of our time in the investment banking world" by David Rockefeller?
- ...that Valrhona, a company based in the small town of Tain l'Hermitage in the Rhône Valley in France, is one of the world's leading manufacturers of high-quality chocolate?
- ...that it is estimated that more than 85 percent of all business information exists as unstructured data, commonly appearing in e-mails, memos, reports, letters, presentations and Web pages?
- ... that the Automotive Electronics Council is an organisation based in the USA that sets qualification standards for the supply of components in the automotive electronics industry.
- ... that Hollywood accounting is the practice of distributing the profit earned by a large project to corporate entities which, though distinct from the one responsible for the project itself, are typically owned by the same people, with the net result of reducing the project's profit by a substantial margin, sometimes even eliminating it altogether.
- ... the Consumables model is another name for the Razor and blades business model?
Did you know 2
Portal:Business/Did you know/2
- ...that Kiran Mazumdar-Shaw, chairman of Biocon, is India's richest woman?
- ...advertising management is a function of marketing starting from market research, continuing through advertising, leading to actual sales or achievement of objectives?
- ... that a value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls?
- ...that EID Parry is one of the oldest business entities in the Indian subcontinent and owes its origin to Thomas Parry, a Welshman who came to India in late 1780s?
- ... that an agrarian society is one that is based on agriculture as its prime means for support and sustenance?
- ... that the expression Hindu rate of growth is used to refer to the low annual growth rate of the economy of India, which stagnated around 3.5% from 1950 to 1980?
- ...that Massachusetts Institute of Technology professor Daron Acemoğlu received the 2005 John Bates Clark Medal for his work on Skill Acquisition and Technological Change, Investment and Growth, Directed Search and Unemployment, The Role of Institutions in Economic Development and Political Economy?
Did you know 3
Portal:Business/Did you know/3
- ...that Robert Solow, a Nobel Laureate American economist, was awarded the National Medal of Science in 1989 for "his creation of the modern framework for analyzing the effects of investment and technological progress on economic growth"?
- ... that David Ricardo formulated the principle of comparative advantage in his "On the Principles of Political Economy and Taxation" book?
- ... that the Heckscher–Ohlin model was developed by Bertil Ohlin in 1933?
- ... that the term lean manufacturing was coined in the book The Machine that Changed the World?
- ... that the Nobel Memorial Prize in Economic Sciences was not created by the will of Alfred Nobel?
- ... that the Federal Reserve System was created in the aftermath of the panic of 1907?
- ... that Manufacturing resource planning was developed at IBM?
Did you know 4
Portal:Business/Did you know/4
- ...that William McChesney Martin, Jr. (pictured) was the longest-serving Chairman of the Federal Reserve serving from April 2, 1951 to January 31, 1970?
- ...that eleven of the twenty-nine winners of the John Bates Clark Medal, a biannual award given out by the American Economic Association, have gone on to later win the Nobel Prize in Economics?
- ...that Ingvar Kamprad, founder of the home furnishing retail chain store IKEA, drew some controversy in 1994 when it was revealed that Kamprad had joined Swedish fascist activist Per Engdahl's pro-Nazi group in 1942?
- ...that, according to historical legend, Laissez-faire stems from a meeting in about 1681 between the powerful French finance minister Jean-Baptiste Colbert and a group of French businessmen led by a certain M. Le Gendre?
- ...that Ransom E. Olds used the assembly line system to produce automobiles in 1901 before Henry Ford?
- ...that Antoine Augustin Cournot derived the first formula for the rule of supply and demand as a function of price and in fact was the first to draw supply and demand curves on a graph in his Researches on the Mathematical Principles of the Theory of Wealth?
- ...that the Toyota Production System (TPS) developed by Toyota, that comprises its management philosophy and practices, organizes manufacturing and logistics for the automobile manufacturer, including interaction with suppliers and customers?
Did you know 5
Portal:Business/Did you know/5
- ...that Luca Pacioli, codified the double-entry bookkeeping system in his mathematics textbook Summa de arithmetica, geometria, proportioni et proportionalità published in Venice in 1494?
- ...that, as of August 2008, more than 113 countries around the world, including all of Europe, required or permitted IFRS reporting and 85 required IFRS reporting for all domestic, listed companies?
- ...that IFRS financial statements consist of a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a Statement of Cash Flows and a Notes to the Financial Statements?
- ...that in the circular flow model, the inter-dependent entities of producer and consumer are referred to as "firms" and "households" respectively and provide each other with factors in order to facilitate the flow of income?
- ...that Wassily Leontief was the first to use a matrix representation of a national economy, in his input-output model?
- ...that the balance of payments of a country is the record of all economic transactions between the residents of a country and the rest of the world in a particular period?
- ...that the existence of property rights, besides being a fundamental item in many legal systems, constitutes also the fundamental presupposition for the mathematical validity of both the accounting equation (financial statements) and the equality of gross value added and net output (national accounts)?
Did you know 6
Portal:Business/Did you know/6
- ...that in the United States of America the largest reserve requirement for commercial banks is 10% of liabilities?
- ...that the United States Federal Reserve System uses six monetary aggregates as components of the money supply?
- ...that an open market operation is an activity by a central bank to buy or sell government bonds on the open market?
- ...that, although nominal USA national debt has been steadily increasing since 1940, Debt-to-GDP ratio was actually higher during WWII than it is now?
- ... that the United States debt ceiling has been steadily raised since 1981?
- ... the Federal Reserve owns the largest share of the USA national debt?
- ...the term petrodollars was coined by Ibrahim Oweiss to describe dollars that did not circulate inside the United States, and therefore were not part of the normal money supply, and instead were received by petroleum exporting countries (OPEC) in exchange for oil?
Did you know 7
Portal:Business/Did you know/7
- ...that Gold Fixing is the procedure by which the price of gold is set on the London market by the five members of the London Bullion Market Association?
- ...that the Heroninos Archive contains examples of a complex and standardized system of accounting used in 3rd century Roman Egypt?
- ...that Jerry White, cofounder of the Landmine Survivors Network, delivered the 2005 commencement address at the University of Michigan's Ross School of Business?
- ...that the melting and export of cents and nickels can be punished with a fine of up to $10,000 and/or imprisoned for a maximum of five years?
- ...that the Vatican City, has an Automated teller machine (ATM) with instructions in Latin?
- ... that the GDP deflator (implicit price deflator for GDP) is a price index measuring changes in prices of all new, domestically produced, final goods and services in an economy.
- ... that Paul Krugman introduced returns to scale to the field of international trade, now referred to as new trade theory?
Did you know 8
Portal:Business/Did you know/8
- ... that Well No. 4 in the Pico Canyon Oilfield was the first commercially successful oil well in the Western United States and the longest producing oil well in the world at 114 years?
- ...that, unlike the accounting systems that help in the preparation of financial reports periodically, cost accounting systems and reports are not subject to rules and standards like the Generally Accepted Accounting Principles?
- ... that during the Great Depression, violence in Seattle's Smith Cove between longshoremen, strikebreakers and police ultimately resulted in the loss of much of the city's maritime traffic to the Port of Los Angeles?
Did you know 9
Portal:Business/Did you know/9
- ...that French economist A.R.J. Turgot (pictured) served as the intendant of the genéralité of Limoges from 1761 to 1774?
- ...that in economics, the monetary base is defined as the portion of the commercial banks' reserves that are maintained in accounts with their central bank plus the total currency circulating in the public?
- ...that Friedrich Hayek was appointed as a member of the Order of the Companions of Honour by Queen Elizabeth II of the United Kingdom on the advice of British Prime Minister Margaret Thatcher?
- ...that Gunnar Myrdal, the 1974 co-winner of the Nobel Prize in Economics was married Alva Myrdal, a Swedish diplomat who won the 1982 Nobel Peace Prize?
- ...that Massachusetts Institute of Technology professor Daron Acemoglu was the 2005 recipient of the John Bates Clark Medal?
- ...that Gold Fixing is the procedure by which the price of gold is set on the London market by the five members of the London Bullion Market Association?
- ...that the postal services of Canada, Finland and the United Kingdom have their own dedicated address to which letters to Santa Claus pleading their good behavior and requesting gifts?
Did you know 10
Portal:Business/Did you know/10
- ... that the spread of Limicolaria flammea (pictured) is potentially damaging to the multi‐billion dollar horticultural industry in Singapore?
- ... that at the time of her completion in 1918, American cargo ship West Lianga held the distinction of being both the fastest-launched and the fastest-constructed ocean-going ship in the world?
- ... that American Student Assistance is the oldest guarantor of student loans in the United States?
- ... that the Newfoundland Butter Company of Newfoundland manufactured only margarine, and was the first margarine manufacturing plant allowed in Canada?
- ... that The New York Times moved in 1858 to a building at 41 Park Row, making it the first newspaper in New York City housed in a building built specifically for its use?
- ... that all U.S. Presidents from Dwight D. Eisenhower through Ronald Reagan ordered glassware from Fostoria Glass Company of Moundsville, West Virginia?
- ... that the Adriatic LNG terminal is the world's first offshore liquid natural gas terminal?
Did you know 11
Portal:Business/Did you know/11
- ...that Calouste Gulbenkian was known as Mr. Five Percent because he retained 5% of the shares of Royal Dutch/Shell, the second-largest corporation in the world by revenue, which he participated in the formation of in 1907?
- ...that prospect theory was developed by Daniel Kahneman and Amos Tversky in 1979 as a psychologically realistic alternative to expected utility theory?
- ...that Nobel laureate Amartya Sen's publications in the 1960s and 1970s helped develop social choice theory, which first came to prominence in the work by the American economist Kenneth Arrow?
- ...that Harvard economist Susan Athey was the first female recipient of the John Bates Clark Medal?
- ...that N. Gregory Mankiw left law school after earning his Ph.D. in economics from the Massachusetts Institute of Technology in 1984?
- ...that "Stagflation" is a term generally attributed to British politician Iain Macleod, who coined the term in a speech to Parliament in 1965?