economic rent(redirected from Scarcity rent)
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Related to Scarcity rent: Rent seeking
1. (Economics) economics a payment to a factor of production (land, labour, or capital) in excess of that needed to keep it in its present use
2. (Law) (in Britain) the rent of a dwelling based on recouping the costs of providing it plus a profit sufficient to motivate the landlord to let it
the return on a productive resource, as land or labor, that is greater than the amount necessary to keep the resource producing.
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|Noun||1.||economic rent - the return derived from cultivated land in excess of that derived from the poorest land cultivated under similar conditions|