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IN-KIND PAYMENT: A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services rather than the economy's standard monetary unit (that is, dollars). In other words, resource owners are compensated with a portion of the output that they helped to produce. The standard method of compensation, which is illustrated by the circular flow model, is for a firm to pay resource owners using money revenue received from selling its production. Hence most factor payments are monetary payments. However, in some circumstances firms and resource owners find it more convenient to use actual production for compensation, eliminating the middle sell-production-for-money step
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ECONOMY The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either a stretchable, flexible watch band or high-gloss photo paper that works with your printer. Be on the lookout for infected paper cuts.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"He who hesitates is poor. " -- Mel Brooks, writer, director, comedian
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QP
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