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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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COMMON-PROPERTY GOODS

Goods characterized by rival consumption and the inability to exclude nonpayers. Common-property goods are one of four types of goods differentiated by consumption rivalry and nonpayer excludability. The other three goods are private (rival consumption and nonpayers can be excluded), public (nonrival consumption and nonpayers cannot be excluded), and near-public (nonrival consumption and nonpayers can be excluded). Nonrival consumption and the ease of excluding of nonpayers means common-property goods cannot be efficiently exchanged through markets and are often overconsumed.

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APLS

BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for infected paper cuts.
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This isn't me! What am I?

John Maynard Keynes was born the same year Karl Marx died.
"You miss 100% of the shots you never take. "

-- Wayne Gretzky, hockey player

AVC
Average Variable Cost
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