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July 14, 2024 

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VON THUNEN MODEL: A model of land use develop by Johann von Thunen that illustrates the trade off between land values and the distance from a central point of attraction. While originally applied to agricultural land use, the von Thunen model is commonly used to explain urban land use patterns. Two primary conclusions from the model are (1) that land values decrease as distance from the central point of attraction increases and (2) that different land use activities are contained in concentric rings equal distance from the central point of attraction based on the weight (or transportation cost) of the activity.

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LOCKOUT: A plant or factory that is closed temporarily, because it's owners are trying to gain a negotiating advantage over the employees' union. A lockout is commonly used by a company's management if they suspect the union is planning to strike. A lockout by management before the union strikes is much like a pre-emptive military attach that tries to hit the enemy hard, fast, and first.

     See also | union | strike | collective bargaining | bilateral monopoly |


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TAX PROPORTIONALITY

The proportion of income paid in taxes at different levels of income. In some cases the proportion of income paid in taxes increases with income in other cases it decreases. And in still other cases, it remains the same. Tax proportionality comes in three alternatives -- proportional tax (different incomes pay the same proportion in tax), progressive tax (higher incomes pay a higher proportion in tax), and regressive (lower incomes pay a higher proportion in tax).

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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for broken fingernail clippers.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"The time to repair the roof is when the sun is shining."

-- John F. Kennedy, 35th U. S. president

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