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Land and Rent
Chapter 18
Term | Definition |
---|---|
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. |