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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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MARKET STRUCTURE CONTINUUM The four common market structures, perfect competition, monopoly, monopolistic competition, and oligopoly, can be viewed as a continuum based on (1) differences in the number of firms in a market, (2) the relative size of each firm, and thus (3) the market control of each firm. Perfect competition lies at one end and monopoly at the other. Monopolistic competition is close to perfect competition and oligopoly is near monopoly. The essence of the continuum is that monopolistic competition blends into oligopoly, with no clear-cut line of separation.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at a garage sale looking to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Life is a promise; fulfill it. " -- Mother Teresa, humanitarian
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S&D
Supply and Demand
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