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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 11: Circular Flow | Unit 4: Foreign Page: 17 of 22

Topic: Exports and Imports <=PAGE BACK | PAGE NEXT=>

  • Exports are goods and services produced by the domestic economy and purchased by the foreign sector.
  • Imports are goods and services produced by the foreign sector and purchased by the domestic economy.
  • Exports are the green flow coming from the foreign sector and joining GDP before reaching the business sector.
  • Imports are the green flow leaving the consumption, investment, government purchases stream and going to the foreign sector.
  • Note that the physical flow of production (exports and imports) moves in opposite direction as the green payment flows.

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AGGREGATE SUPPLY DECREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the short-run aggregate supply curve. A decrease in aggregate supply in the short-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for telephone calls from long-lost relatives.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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