<Dl> <Dd> Triggered by \ beconlib \. org \ b on the local blacklist </Dd> </Dl> <Dd> Triggered by \ beconlib \. org \ b on the local blacklist </Dd> <P> In economics, economic rent is any payment to an owner or factor of production in excess of the costs needed to bring that factor into production . In classical economics, economic rent is any payment made (including imputed value) or benefit received for non-produced inputs such as location (land) and for assets formed by creating official privilege over natural opportunities (e.g., patents). In the moral economy of neoclassical economics, economic rent includes income gained by labor or state beneficiaries of other "contrived" (assuming the market is natural, and does not come about by state and social contrivance) exclusivity, such as labor guilds and unofficial corruption . </P> <P> In the moral economy of the economics tradition broadly, economic rent is opposed to producer surplus, or normal profit, both of which are theorized to involve productive human action . Economic rent is also independent of opportunity cost, unlike economic profit, where opportunity cost is an essential component . Economic rent is viewed as unearned revenue, whereas economic profit is a narrower term describing surplus income greater than the next best risk - adjusted alternative . Unlike economic profit, economic rent cannot be theoretically eliminated by competition, since all value from natural resources and locations yields economic rent . </P>

Economic rent is a payment received in excess of marginal cost. true false