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April 22, 2019 

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WORLD TRADE ORGANIZATION: An international organization that oversees multilateral trade among nations. The World Trade Organization, or 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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AGGREGATE DEMAND INCREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by an increase in aggregate demand, resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the short-run aggregate market results in an increase in the price level and an increase 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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Charging Up Your CREDIT CARDS (aka Plastic Money)

Here's the scene: You've made your monthly stop (for the second time this week) at the Mega-Mart Discount Warehouse Super Center for a few essentials -- cashews, soap, licorice, garden hose, peanut clusters, color television, and a large inner tube for whitewater rafting. Do you pay with a check or whip out your Interstate OmniBank Platinum Diamond Express credit card? Credit card? Good choice. You don't actually have to PAY for the stuff that you're buying -- at least not right away. Your bank account is safe.
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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a hepa filter for your furnace or a wall poster commemorating next Thursday. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

-- C. Northcote Parkinson, historian

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Journal of Political Economy
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