economic rent, rent(noun)
the return derived from cultivated land in excess of that derived from the poorest land cultivated under similar conditions
the amount of recompense paid to a factor of production on top of its transfer earnings; this does not encompass costs incurred during the process of production or service
In economics, economic rent is an analytic term for the portion of income paid to a factor of production in excess of that which is needed to keep it employed in its current use. Economic rent is unrelated to and should not be confused with the more common term rent; a payment for the temporary use of a good or property. Economic rent is affected by any production only minimally, if at all. Economic rent is a fact of natural or contrived exclusivity. For labor, economic rent could be created by the existence of guilds or labor unions; for a produced commodity, economic rent may also be due to the legal ownership of a patent; for operating licenses, it is the cost of permits and licenses that are politically controlled as to their number regardless of competence and willingness of those who wish to compete in the area being licensed; for most other production including agriculture, economic rent is due to natural scarcity. When economic rent is privatized, the recipient of economic rent is referred to as a rentier.
The numerical value of economic rent in Chaldean Numerology is: 6
The numerical value of economic rent in Pythagorean Numerology is: 8
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"economic rent." Definitions.net. STANDS4 LLC, 2017. Web. 23 Aug. 2017. <http://www.definitions.net/definition/economic rent>.