Economics

Mega Millions, initially launched as "The Big Game" on September 6, 1996, in six states, is a prominent American multijurisdictional lottery. Renamed Mega Millions in 2002, it has significantly expanded its reach, now offered in 45 states, the District of Columbia, and the U.S. Virgin Islands as of June 2023.

Drawings are held e...

Lotteries, a form of gambling involving random number drawings for prizes, are often regulated or even organized by governments to raise revenue, a practice that surged globally after the 1960s following their illegality in the early 20th century. The earliest recorded signs of lotteries date back to China's Han dynasty (205-187 BC) wi...

Powerball is a widely popular American lottery game available in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, overseen by the Multi-State Lottery Association (MUSL). Drawings are held three times weekly, requiring players to match five white balls from a pool of 69 and one red "Powerba...

Real estate encompasses land, buildings, and its natural resources, standing apart from movable personal property. The concept of property ownership traces its roots to Roman law and Greek philosophy, with formal appraisal practices emerging in 16th-century England. Significant historical moments in the U.S. include the monumental 1803...

A mortgage loan is a crucial financial instrument that allows individuals and businesses to purchase real estate or raise funds by using their property as collateral. This "secured" loan, sometimes known as a hypothec, grants the lender a legal claim (lien) on the property, enabling them to take possession and sell it through "foreclos...

Here's a comprehensive summary of the Wikipedia article on credit:

Credit: Trust, Debt, and Modern Money Creation

Credit, derived from the Latin "credere" (meaning "to trust"), is a fundamental financial concept where a lender provides money or resources to a borrower with the promise of future repayment,...

A loan represents an agreement where one party tenders money to another, the borrower, who incurs a debt and is typically required to repay the principal amount along with interest. This interest serves as an incentive for the lender, with key terms like the principal, interest rate, and repayment date often detailed in a promissory no...

International trade involves the exchange of capital, goods, and services across national borders, representing a significant portion of many countries' Gross Domestic Product (GDP) and growing in economic importance over recent centuries. While the core motivation for trade remains similar to domestic commerce, international transacti...

Here's a comprehensive summary of the provided text on tariffs:

A tariff is a tax imposed by a government on imported goods, paid by the importer, serving both as a revenue source and a regulatory tool for foreign trade. These duties aim to make foreign products more expensive, thereby encouraging the consumptio...

Immigration, a term coined in the 17th century, refers to the international movement of people who settle permanently in a new destination country, distinct from short-term stays. By 2015, the number of international migrants worldwide reached 244 million, marking a 41% increase since 2000, with the United States hosting the largest sh...

The Federal Reserve System, commonly known as "the Fed," is the central banking system of the United States, established on December 23, 1913, by the Federal Reserve Act to stabilize the monetary system following a series of financial panics. Functioning as an independent central bank,...

The Organization of the Petroleum Exporting Countries (OPEC) was established on September 14, 1960, in Baghdad by five founding members—Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela—to collectively influence the global oil market and maximize profits. This influential cartel significantly restructure...