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WTO: The abbreviation for World Trade Organization, which is an international organization that oversees multilateral trade among nations. The WTO was established in 1995 by the Uruguay round of trade negotiations to replace the General Agreement on Tariffs and Trade (GATT) that had been in place for the preceding five decades. The WTO administers multilateral trade agreements, provides a forum for trade negotiations, handles trade disputes, monitors national trade policies, and provides technical assistance and training for developing countries. The WTO has about 150 member countries.
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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income
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Page: 18 of 25
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The first three related, but slightly different income measures is national income (NI), income earned by the factors of production.- National income is the sum of wages (W), interest (I), rent (R), profit (P) and proprietors' income (PI):
NI = W + I + R + P + PI - National income is also found by subtracting capital consumption allowance (CCA) and indirect business taxes (IBT) from, and adding net foreign factor income (NFFI) to, GDP:
NI = GDP - CCA - IBT + NFFI - And because NDP = GDP - CCA:
NI = NDP - IBT + NFFI
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INTERCEPT, NET EXPORTS LINE The intercept of the net exports line indicates autonomous net exports, net exports that do not depend on the level of domestic income or production. This can be thought of as net exports, exports minus imports, that the foreign sector undertakes regardless of the state of the economy. Autonomous net exports are affected by the net exports determinants, which cause a change in the intercept and a shift of the net exports line.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better." -- Elizabeth Stuart Phelps, Writer
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MSCI
Morgan Stanley Capital Index
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