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When a pilot comes in to land, but decides to abort the landing ('goes around') after the aircraft has touched down on the runway. They will then climb the aircraft to sufficient height to attempt another landing. This could possibly due to a hard bounce with insufficient airspeed to recover.

This is different from a touch and go where the pilot lands smoothly/safely, lets the aircraft roll/slow down for a short distance, then takes off again to practise take-offs and landings.
A : "What's Jim doing today? Touch and go's?"
B : "More like touch and go arounds."
by Drecian April 12, 2011