Question

Economic rent is the payment to owners of which factor of production

Answer 1

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.

Answer 2

In terms of economics, economic rent is a payment made for any non-produced units in a property, such as land.

It can also be made for any assets created with official privilege on natural factors, such as patents.

Sometimes, economic rent also includes any income gained by the state beneficiaries or the labor.