What is a Millage Rate? A millage rate is a numerical multiplier attached to the value of a property and is used to calculate the local property taxes. It represents a dollar per thousand of a property’s assessed value. The product of the total taxable value of the property and the millage rate is compiled…
What is a Micromanager? A micromanager is a manager who is excessively involved in the day-to-day performance of employees. They adopt a management style that focuses on the day-to-day routine of individuals and team members. Although the micromanagement style may produce quick responses, it can be overly demoralizing, demotivating, and frustrating to the subordinates, and…
What is Microfinance? Microfinance is a term for financial services that are offered to individuals of lower socioeconomic backgrounds or those who lack access to traditional financial services. Microfinance includes a number of services, such as savings accounts, checking accounts, fund transfers, microinsurance, and microcredit. Microfinance originally started with microcredit, which is the practice of…
What is a Mobile Wallet? A mobile wallet is a type of virtual wallet that stores credit card numbers, debit card numbers, and loyalty card numbers. It is accessible through an app installed on a mobile device, such as a smartphone or tablet. Customers use mobile wallets to make in-store payments, and it is a…
What is Mobile Commerce? Mobile commerce refers to the use of handheld devices to conduct commercial transactions using wireless telecommunication networks and other e-commerce technologies. It uses gadgets, such as mobile cellphones and tablets, to facilitate online banking, payment of bills, purchases and sales of goods and services, and other types of financial transactions. Mobile…
What is Misrepresentation? A misrepresentation is a false statement made intentionally by one party to influence the other party to abide by the contract’s terms and conditions. A justified misrepresentation in the execution renders the contract void, and depending on the situation, the deceived party may seek legal redress and be awarded damages for any…
What is the Misery Index? The misery index is an indicator that measures the impact of changing economic conditions. The index was popular in the 1970s when the United States was experiencing stagflation – a combination of increasing unemployment and inflation – and it was used to measure the level of economic discomfort. The index…
What is the Middle Office? The middle office is a department within a financial services institution. It comprises a team of employees that includes risk managers, information technology officers, and other officers who manage risks within the organization, as well as managing information technology. How It Works A financial services institution, such as an investment…
What is the Middle East and North Africa (MENA)? MENA is an abbreviation that stands for the Middle East and North Africa. The Middle East and North Africa is a region comprising of a heterogeneous group of countries. According to the World Atlas, the MENA region consists of 19 countries ranging from oil-exporting nations in…
Who was Milton Friedman? Milton Friedman was an American economist who advocated for free-market capitalism. Friedman’s free-market theories influenced economic policies during his time as one of the University of Chicago’s leading intellectuals. Most of Friedman’s opinions criticized the Keynesian-style economic model, which he observed to be ineffective, or at best, effective only to a…
