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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 ...
Rent-seeking is an attempt to obtain economic rent (i.e., the portion of income paid to a factor of production in excess of what is needed to keep it employed in its current use) by manipulating the social or political environment in which economic activities occur, rather than by creating new wealth.
Rentier capitalism is a concept in Marxist and heterodox economics to refer to rent-seeking and exploitation by companies in capitalist systems. [1] [2] [3] The term was developed by Austrian social-geograph Hans Bobek, [4] describing an economic system that was widespread in antiquity and still widespread in the middle east, where productive investments are largely lacking, the highest ...
Rentier state. In current political-science and international-relations theory, a rentier state ( / ˈrɒntieɪ / RON-tee-ay or / rɒ̃ˈtjeɪ /) is a state which derives all or a substantial portion of its national revenues from the rent paid by foreign individuals, concerns or governments. [1]
The economics term cost, also known as economic cost or opportunity cost, refers to the potential gain that is lost by foregoing one opportunity in order to take advantage of another. The lost potential gain is the cost of the opportunity that is accepted. Sometimes this cost is explicit: for example, if a firm pays $100 for a machine, its cost ...
Resource rent. In economics, rent is a surplus value after all costs and normal returns have been accounted for, i.e. the difference between the price at which an output from a resource can be sold and its respective extraction and production costs, including normal return. [1] This concept is usually termed economic rent but when referring to ...
Implicit cost. In economics, an implicit cost, also called an imputed cost, implied cost, or notional cost, is the opportunity cost equal to what a firm must give up in order to use a factor of production for which it already owns and thus does not pay rent. It is the opposite of an explicit cost, which is borne directly. [1]
Opportunity cost is the concept of ensuring efficient use of scarce resources, [ 25] a concept that is central to health economics. The massive increase in the need for intensive care has largely limited and exacerbated the department's ability to address routine health problems.