Automobiles are a major means of transportation in the United States and most parts of the world. A modern automobile is a complex technical system with numerous subsystems that have specific design functions. Automobiles are usually powered by internal-combustion engines fueled by volatile fuel. The branches of engineering that deal with automobiles are known as automotive engineering.

Modern life is almost inconceivable without access to a car. It’s faster and far more convenient than walking or riding a bicycle for long distances, can carry more passengers than buses and passenger trains, and can go where other wheeled transport cannot because of rough terrain or a lack of public infrastructure.

The automobile also opens up new possibilities for work and leisure. It allows people to live in one place and commute to another or work in many places, changing jobs as their careers change and opening up larger social networks. The automobile is a powerful force that helps make the United States the largest industrialized nation in the world. It has transformed everyday life by giving individuals more mobility and freedom, and has created new industries and jobs producing cars and their parts. It has also changed the way we look at society and how we relate to each other.

It is not clear who invented the automobile, but history credits Karl Benz of Germany with demonstrating the first working model in 1885. Other inventors followed with their own versions. By the late 19th century, the technology had been perfected by engineers such as Gottlieb Daimler, Wilhelm Maybach and Nicolaus Otto for Mercedes and a number of other companies. The 1901 Mercedes is regarded as the first modern motorcar in its essentials, though it did not have such convenience features as seat belts or rearview mirrors.

Henry Ford, a businessman and engineer who came along after the Germans, revolutionized automobile manufacturing with his introduction of the assembly line in 1914. This technique allowed Ford to produce cars at a lower cost and make them more affordable for middle-class Americans. Ford’s assembly line was so successful that by the end of World War II it was used in most auto plants worldwide.

After the war, American manufacturers focused on achieving greater profits per car by lowering production costs and reducing quality. The result was a generation of gas-guzzling road cruisers with questionable aesthetics and nonfunctional styling, high levels of pollutants, poor mileage and a drain on the world’s rapidly depleting oil reserves. In the early 1970s, the car industry began to be disrupted by the introduction of compact models that were designed for function and fuel efficiency and by the emergence of Japanese manufacturers making high-quality and reliable vehicles at an economical price. Today, the best-selling vehicles are small, affordable and well-built. Consumer Reports and Kelley Blue Book regularly rank them among the best buys. In addition, the Honda Civic and Toyota Corolla are among the most dependable automobiles on the market.

When people think of jobs in the financial services industry, they often envision investment bankers or loan officers. But in fact, the industry encompasses many different types of positions. It includes everything from credit card companies and global payment networks to debt resolution firms and insurance agencies. It also encompasses investment and commercial banks, as well as private equity firms and venture capital providers. This broad category of business service sector firms is vital to healthy economies worldwide.

The industry’s most visible component is banking. People use banking to store money, invest it, and purchase goods and services. A healthy economy needs a strong banking sector to support consumer confidence and purchasing power. It is a major driver of economic growth and prosperity.

As a result, the industry is highly complex and diverse. A number of factors have influenced its evolution, including deregulation, globalization, and recent financial crises such as the subprime mortgage crisis in the United States.

A key aspect of financial services is the ability to offer investors a wide range of investment products. This includes stocks, bonds, and mutual funds. It also includes private equity and venture capital firms, which supply capital to startup companies in exchange for a stake in those businesses. It also includes brokerage firms, which provide individuals with access to buy and sell stock shares on the public market.

Another key aspect of financial services is lending, which can be used to finance both large and small purchases. Lenders can provide personal loans, home mortgages, and small business loans. They can also provide short-term cash advances and credit cards. A lender’s creditworthiness is an important factor in determining its lending decisions.

There are also numerous other financial services, both expected and unexpected, that make up this vast industry. Ryan Duitch, president and CEO of Arro, points out that financial services include “everything that touches money,” from investing to credit cards to real estate. For example, he says, the emergence of digital finance has enabled billions of people to become financially included for the first time by getting access to bank accounts.

A big part of financial services involves regulation, with independent agencies designated to oversee various industries and uphold transparency for consumers. Examples of regulatory bodies in financial services include the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency. In addition, there are a number of conglomerates that offer financial services in multiple sectors, such as banks that offer both investment and commercial banking. This allows them to expand their customer base and increase profitability by offering a variety of products and services. This type of expansion is often done to respond to changes in the market or to meet changing consumer demand.