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BID-RENT CURVE: A line or curve that shows the relation between the rent economic activities are willing to pay for land (bid-rent) and the distance of the land from the point of attraction (such as the cent of a city). The bid-rent curve has a negative slope because the activities balance the bid-rent with the cost of transportation to the point of attraction. Farther distances require greater transportation cost and thus reduce the amount of rent that can be paid. The bid-rent curve indicates why rents, and by inference land values, tend to be higher near central locations.
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ECONOMIC GROWTH, PRODUCTION POSSIBILITIES Economic growth is the process of increasing the economy's ability to produce goods and services. It is achieved by increasing the quantity or quality of resources. This process can be illustrated as an outward shift of the production possibilities curve.
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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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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Life is a promise; fulfill it. " -- Mother Teresa, humanitarian
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TGE
Tokyo Grain Exchange (Japan)
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