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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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CONSUMPTION EXPENDITURES Expenditures made by the household sector on final goods and services, or gross domestic product. Consumption expenditures play a central role in macroeconomic activity affecting both short-run business cycles and long-run economic growth. The motivation behind consumption expenditures is the general process of consumption, which is the use of goods and services to satisfy wants and needs, and are officially measured by personal consumption expenditures. These are one of four expenditures on gross domestic product. The other three are investment expenditures, government purchases, and net exports.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for fairy dust that tastes like salt.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle
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MCA
Monetary Control Act of 1980
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