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URUGUAY ROUND: The eighth and final round of General Agreement on Tariffs and Trade (GATT) negotiations that is most noted for establishing the World Trade Organization (WTO) to replace GATT. The Uruguay round began in 1986 and was concluded in 1994. In addition to establishing the WTO, the Uruguay round also sought to reduce tariffs and trade restrictions among member countries.
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GROSS DOMESTIC PRODUCT AND NATIONAL INCOME: Gross domestic product (GDP) is the total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year. National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production of final goods and services during a given period of time, usually one year. While the vast majority of domestic production is undertaken by domestic factors of production (national income is about 80% of gross domestic product) key differences do exist. The six main differences between gross domestic product and national income are (1) capital consumption adjustment, (2) indirect business taxes, (3) business transfer payments, (4) net foreign factor income, (5) government subsidies, and (6) statistical discrepancy. See also | gross domestic product | gross domestic product, income | Bureau of Economic Analysis | net foreign factor income | capital consumption adjustment | indirect business taxes | business transfer payments | statistical discrepancy | government subsidies | net domestic product and national income |
Recommended Citation:GROSS DOMESTIC PRODUCT AND NATIONAL INCOME, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: March 23, 2023].
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BANK BALANCE SHEET A record of the assets, liabilities, and net worth of a bank at a given point in time. Assets are what a bank owns. Liabilities are what a bank owes. Net worth is the difference between the two and what is claimed by or owed to the owners of the bank. By definition, a balance sheet must balance. The assets on one side are equal to the liabilities and net worth on the other.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for small children selling products door-to-door.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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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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LIFO
Last In First Out
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