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July 24, 2014 

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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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PUBLIC CHOICE: A branch of economics that applies economic analysis to public (that is, government) decision-making, including voting behavior, legislative law-making, and related issues. Some of the more noted public choice principles include the voting paradox, logrolling, and the principle of the median voter.

     See also | political business cycle | fifth rule of imperfection | government | economic analysis |


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PUBLIC CHOICE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: July 24, 2014].


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GROSS DOMESTIC PRODUCT, WELFARE

Gross domestic product (GDP) is the total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. GDP is intended to measure the nation's production of wants-and-needs satisfying goods and services. While it provides an indication of how far the economy has come on the long road to battling the ever-present scarcity problem, it is NOT a direct measure of the nation's welfare or well-being. GDP is certainly a big component of the well-being of the country, but not the ONLY component.

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State of the ECONOMY

U.S. National Debt
June 17, 2014
$17,544,968,322,680.66
$55,097.06 per person: U.S. Debt Clock

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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for jovial bank tellers.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"The greatest use of life is to spend it for something that will outlast it."

-- William James, psychologist

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