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economic rent

 

Definitions from WordNet

Noun economic rent has 1 sense
  1. economic rent, rent - the return derived from cultivated land in excess of that derived from the poorest land cultivated under similar conditions
    --1 is a kind of return, issue, proceeds, take, takings, yield, payoff

Definitions from the Web

Economic Rent

Noun: Economic rent refers to the surplus income a person or business receives for owning a particular resource, property, or asset. It is the return earned above what would be required to keep the resource in its current use or supply.


Example Sentence:

"The landlord was able to charge a higher rent for the apartment due to the high demand in the area, thus earning economic rent."


Noun (Alternate Sense): In economics, economic rent can also refer to the income earned by a factor of production that is in scarce supply. It is the difference between what a factor of production (such as land, labor, or capital) earns and what it would need to earn in its next-best alternative use.


Example Sentence:

"The company was willing to pay a premium to the highly skilled software engineer as his expertise in the field was quite rare, resulting in economic rent for the engineer."


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