What is economic rent? Discuss the Ricardian theory of economic rent.

Economic Rent and the Ricardian Theory of Economic Rent

Economic Rent:

Economic rent refers to the payment made to a factor of production (such as land, labor, or capital) that exceeds its opportunity cost. In other words, it is the surplus income received by a factor of production over and above what is necessary to keep it in its current use. This concept applies particularly to factors that are fixed in supply, such as land, which cannot be increased in quantity regardless of _________ ______ _______ _____ ________ ________ ____.
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