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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 12: Business Cycles | Unit 2: A Simple Cycle
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Page: 7 of 26
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Contractions generally last about a year, but some have persisted for 1 1/2 years and some end after six months.- A contraction, also termed recession, is the decline of real GDP, from A to B.
- A contraction is officially designated as at least six months of declining economic activity.
- The 1930s Great Depression had two contractions, one lasting 43 months.
- A contraction takes the economy from above the long-run trend to below the long-run trend. The long-run trend is full-employment production.
- Below the long-run trend resources are not fully employed, unemployment increases.
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SCARCE A condition in which a given good or resource is limited relative to its desired uses. This is a special condition of the general condition of scarcity. A scarce good or resource is typically exchanged through markets and carries a positive price.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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APT
Arbitrage Pricing Theory
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