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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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LONG-RUN TREND The pattern of potential real gross domestic product of an economy based on full employment of available resources. The long-run trend is commonly represented as a positively-sloped line in a diagram depicting business-cycle phases. This slope captures the economy's expansion in its production possibilities resulting from increases in the quantity and quality of resources.
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PURPLE SMARPHIN [What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for pencil sharpeners with an attitude. Your Complete Scope
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Lombard Street is London's equivalent of New York's Wall Street.
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"Learning is not compulsory, but neither is survival. " -- W. Edwards Deming, management consultant
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IEBNR Income Earned But Not Received
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