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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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DEMAND DETERMINANTS Five ceteris paribus factors that affect demand, but which are assumed constant when a demand curve is constructed. They are buyers' income, buyers' preferences, other prices, buyers' expectations, and number of buyers. Changes in the demand determinants cause shifts of the demand curve and disruptions of the market.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for jovial bank tellers.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Old minds are like old horses; you must exercise them if you wish to keep them in working order. " -- John Adams, 2nd US president
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