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Definitions from the WebEconomic RentNoun: 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." Related Products on Amazon: | ||||
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