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Land and Rent

Chapter 18

TermDefinition
Land Anything supplied by nature used in the production if goods and services.
Negative equity This occurs when the market value of a property is less than the outstanding balance owed on the mortgage to secure that property.
Non-renewable resources Those resources the supply of which cannot be replenished, so that an increase in their present consumption means less being available in the future.
Renewable resources Those resources the supply of which can be added to or replenished.
Created by: jmartineconomics
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