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Wednesday, September 09, 2009

What is "Economic Rent"?

I came across this term "Economic Rent" when I was reading an Economics book on a bus today.

From the Google, the definition of "Economic Rent" is as below:
  • Economic rent is the difference between what a factor of production is paid and how much it would need to be paid to remain in its current use.

  • The difference between the benefit and the opportunity cost.

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