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RENT: Factor payments to the owners of land for using the various resources of land in the production of goods and services. Rent is included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis under the official title rental income of person. Rent is typically the smallest of the four factor payments, accounting for less than 5% of the income earned by the household sector.

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DISTRIBUTION STANDARDS: Three alternative criteria for distributing income to members of society--contributive standard, equality standard, needs standard. A basic notion in economics is that income is generated through production (circular flow). The amount of income generated each year depends on the value of goods and services produced with the economy's limited resources. But once this income is generated it must be distributed to members of society. The contributive, equality, and needs standards are the three primary criteria for distributing income.

     See also | income | wealth | contributive standard | equality standard | needs standard | circular flow | value | income distribution | wealth distribution | equity | poverty |


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DISTRIBUTION STANDARDS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 11, 2018].


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FULL EMPLOYMENT, PRODUCTION POSSIBILITIES

Full employment is the condition that exists when all available resources are engaged in the production of goods and services. In other words, all resources that could be used for production are being used. This is indicated in production possibilities analysis by producing a combination of goods that places the economy on the production possibilities curve.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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