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- DictionaryEc·o·nom·ic rent/ˌekəˈnämik/
noun
- 1. the extra amount earned by a resource (e.g., land, capital, or labor) by virtue of its present use.
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- Economic rent
Any payment to an owner or factor of production in excess of the costs needed to bring that factor into production
In neoclassical economics, economic rent is any payment (in the context of a market transaction) to the owner of a factor of production or resource supply of which is fixed. In classical economics, economic rent is any payment made (including imputed value) or benefit received for non-produced inputs such as location (land) and for assets formed by creating official privilege over natural opportun... Wikipedia
