Economic Rent: Definition and Determinants (With Diagram)

In this article we will discuss about:- 1. Definition of Economic Rent 2. The Division of Total (Factor) Incomes 3. Determinants of the Division. Definition of Economic Rent: In economics rent refers to producer's surplus. It is different from contract or commercial rent, which refers to the price paid to hire something, such as a machine or a piece of [...]