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PHYSICAL ASSET: A productive resource, capital, property, or satisfaction-generating good. Also termed real asset. This should be contrasted with financial assets that are legal claims on physical assets.

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RATIONING

The distribution or allocation of a limited commodity, usually accomplished based on a standard or criterion. The two primary methods of rationing are markets and governments. Rationing is needed due to the scarcity problem. Because wants and needs are unlimited, but resources are limited, available commodities must be rationed out to competing uses.

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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. "

-- John Quincy Adams, 6th US president

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