the return on a productive resource, as land or labor, that is greater than the amount necessary to keep the resource producing or on a product in excess of what would have been the return except for some unique factor.
CAN YOU FEEL THE WEAL WITH THIS WORD OF THE DAY QUIZ?
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Question 1 of 7
Also called Ricardian theory of rent.
Origin of economic rent
First recorded in 1885–90
Words nearby economic rent
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020
British Dictionary definitions for economic rent
economics a payment to a factor of production (land, labour, or capital) in excess of that needed to keep it in its present use
(in Britain) the rent of a dwelling based on recouping the costs of providing it plus a profit sufficient to motivate the landlord to let it
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012