Renting in the context of "Relative poverty"

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⭐ Core Definition: Renting

Renting, also known as hiring or letting, is an agreement where a payment is made for the use of a good, service or property owned by another over a fixed period of time. Typically a written agreement is signed to establish the roles and expectations of both the tenant and landlord. There are many different types; a rental agreement tends to refer to short-term rental, whereas lease refers to longer-term rental, also known as leasing.

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👉 Renting in the context of Relative poverty

The poverty threshold, poverty limit, poverty line, or breadline is the minimum level of income deemed adequate in a particular country. The poverty line is usually calculated by estimating the total cost of one year's worth of necessities for the average adult. The cost of housing, such as the rent for an apartment, usually makes up the largest proportion of this estimate, so economists track the real estate market and other housing cost indicators as a major influence on the poverty line. Individual factors are often used to account for various circumstances, such as whether one is a parent, elderly, a child, married, disabled, etc. The poverty threshold may be adjusted annually. In practice, like the definition of poverty, the official or common understanding of the poverty line is significantly higher in developed countries than in developing countries.

In September 2022, the World Bank updated the International Poverty Line (IPL), a global absolute minimum, to $2.15 per day (in PPP). In addition, as of 2022, $3.65 per day in PPP for lower-middle income countries, and $6.85 per day in PPP for upper-middle income countries. Per the $1.90/day standard, the percentage of the global population living in absolute poverty fell from over 80% in 1800 to 10% by 2015, according to United Nations estimates, which found roughly 734 million people remained in absolute poverty.

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Renting in the context of Factor income

Factor income (also called primary income and earned income) is the flow of income that is derived from the factors of production, i.e., the general inputs required to produce goods and services. Factor income on the use of land is called rent, income generated from labor is called wages, and income generated from capital is divided between profit for equity owner and interest for creditor. The total amount of factor income received by the residents of a country is referred to as the national income, while factor income and current transfers together are referred to as disposable income.

In contemporary national accounting, Indirect taxes minus subsidies are treated like factor income despite not meeting the definition. In earlier system like the 1953 SNAdefined to concept of GDP : the sum of all factor income called GDP at factor cost, and the sum of all expenditure called GDP at market price. (GDP at market price = GDP at factor cost + Indirect taxes minus subsidies). Factor cost measured have being abandoned by the SNA.

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Renting in the context of Expenditure

An expense is an item requiring an outflow of money, or any form of fortune in general, to another person or group as payment for an item, service, or other category of costs. For a tenant, rent is an expense. For students or parents, tuition is an expense. Buying food, clothing, furniture, or an automobile is often referred to as an expense. An expense is a cost that is "paid" or "remitted", usually in exchange for something of value. Something that seems to cost a great deal is "expensive". Something that seems to cost little is "inexpensive". "Expenses of the table" are expenses for dining, refreshments, a feast, etc.

In accounting, expense is any specific outflow of cash or other valuable assets from a person or company to another person or company. This outflow is generally one side of a trade for products or services that have equal or better current or future value to the buyer than to the seller. Technically, an expense is an event in which a proprietary stake is diminished or exhausted, or a liability is incurred. In terms of the accounting equation, expenses reduce owners' equity. The International Accounting Standards Board defines expenses as:

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Renting in the context of Apartment

An apartment (North American English), flat (British English, Indian English, South African English), tenement (Scots English), or unit (Australian English) is a self-contained housing unit (a type of residential real estate) that occupies part of a building, generally on a single story. There are many names for these overall buildings (see below). The housing tenure of apartments also varies considerably, from large-scale public housing, to owner occupancy within what is legally a condominium (strata title or commonhold) or leasehold, to tenants renting from a private landlord.
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Renting in the context of Gentry

Gentry (from Old French genterie, from gentil 'high-born, noble') are "well-born, genteel and well-bred people" of high social class, especially in the past. Gentry, in its widest connotation, refers to people of good social position connected to landed estates (see manorialism), upper levels of the clergy, or long established "gentle" families of noble descent, some of whom in some cases never obtained the official right to bear a coat of arms. The gentry largely consisted of landowners who could support themselves entirely from rental income or at least had a country estate; some were gentleman farmers.

In the United Kingdom gentry specifically refers to the landed gentry: the majority of the land-owning social class who typically had a coat of arms but did not hold a peerage. The adjective "patrician" ("of or like a person of high social rank") describes comparable elite groups in other analogous traditional social elite strata based in cities, such as the free cities of Italy (Venice and Genoa) and the free imperial cities of Germany, Switzerland and the Hanseatic League. The term "gentry" by itself, the historian Peter Coss argues, is a broad construct applied by scholars to different societies, sometimes in ways that do not fully align with historical realities. Whilst no single model perfectly fits every society, some scholars favour a unified term to describe these upper social strata.

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Renting in the context of Boarding house

A boarding house is a house (frequently a family home) in which lodgers rent one or more rooms on a nightly basis and sometimes for extended periods of weeks, months, or years. The common parts of the house are maintained, and some services, such as laundry and cleaning, may be supplied. It normally provides "room and board," with some meals as well as accommodation.

Lodgers legally obtain a licence, not exclusive possession, to use their rooms and so the landlord retains the right of access.

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Renting in the context of Double entendre

A double entendre (plural double entendres) is a figure of speech or a particular way of wording that is devised to have a double meaning, one of which is typically obvious, and the other often conveys a message that would be too socially unacceptable, or offensive to state directly.

A double entendre may exploit puns or word play to convey the second meaning. Double entendres generally rely on multiple meanings of words, or different interpretations of the same primary meaning. They often exploit ambiguity and may be used to introduce it deliberately in a text. Sometimes a homophone can be used as a pun. When three or more meanings have been constructed, this is known as a "triple entendre", etc.

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Renting in the context of Lodging

Lodging refers to the use of a short-term dwelling, usually by renting the living space or sometimes through some other arrangement. People who travel and stay away from home for more than a day need lodging for sleep, rest, food, safety, shelter from cold temperatures or rain, storage of luggage and access to common household functions. Lodging is a form of the sharing economy.

Lodging is done in a hotel, motel, hostel, or inn, a private home (commercial, i.e. a bed and breakfast, a guest house, a vacation rental, or non-commercially, as in certain homestays or the home of friends), in a tent, caravan/campervan (often on a campsite). Lodgings may be self-catering, whereby no food is provided, but cooking facilities are available.

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Renting in the context of Free tenant

Free tenants, also known as free peasants, were tenant farmer peasants in medieval England who occupied a unique place in the medieval hierarchy. They were characterized by the low rents which they paid to their manorial lord. They were subject to fewer laws and ties than villeins. The term may also refer to the free peasants of the Kingdom of France, part of an ordering of classes with legal privileges who constituted the third estate, a land-owning non-political peasantry, mostly different from other countries with estates.

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