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ECONOMIC RENT: The difference between the payment received by a resource owner and the opportunity cost of the resource. This is the payment received by a resource owner over and above the minimum needed to produce a good. Many resource owners are able to extract a portion of the economic profit generated by a business as a economic rent.
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SLOPE, CONSUMPTION LINE The positive slope of the consumption line is also termed the marginal propensity to consume (MPC). This slope is greater than zero but less than one, reflecting induced consumption and the Keynesian psychological law of consumer behavior that consumption increases by less than the increase in income. The slope of the consumption line provides the foundation for the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.
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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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"Good plans shape good decisions. That's why good planning helps to make elusive dreams come true." -- Lester Bittle, Author
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SWIFT
Society for Worldwide Interbank Financial Telecommunications
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