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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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CLASSICAL AGGREGATE SUPPLY CURVE An aggregate supply curve--a graphical representation of the relation between real production and the price level--that reflects the basic principles of classical economics. The classical aggregate supply curve is vertical at the full-employment level of real production indicating that the quantity of aggregate production is independent of the price level. An alternative is the Keynesian aggregate supply curve.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for telephone calls from former employers.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Be kind and merciful. Let no one ever come to you without coming away better and happier." -- Mother Teresa of Calcutta, humanitarian
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Wage
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