economic rent definition by American Heritage Dictionary
nounThe American Heritage® Dictionary of the English Language, 4th edition Copyright © 2010 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
economic rent - Business Definition
The difference between the cost of a factor of production and the amount that would have to be paid for continued availability of the factor. For example, an NBA center of modest talent earns $7 million per year when he would gladly do the same job for $500,000. His economic rent is $6.5 million. Also called rent.