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Simple English definitions for legal terms

economic rent

Read a random definition: agribusiness

A quick definition of economic rent:

Economic rent: This is the extra money earned from using something like a worker or land, after all the costs of using it have been paid. It's like getting a bonus for using something that is in high demand. It's also the money earned that is considered fair for the amount of money and effort put into it.

A more thorough explanation:

Definition: Economic rent refers to the return gained from an economic resource, such as a worker or land, that is above the minimum cost of keeping the resource in service. It is also the rent that yields a fair return on capital and expenses.

Examples:

  • A landlord charges a rent of $1,500 per month for an apartment that costs them $1,200 per month to maintain. The $300 difference is the economic rent.
  • A skilled worker earns a salary of $80,000 per year, which is higher than the minimum wage for their job. The extra income they earn is considered economic rent.

These examples illustrate how economic rent is the surplus income earned from an economic resource that exceeds the minimum cost of keeping that resource in service. In other words, it is the additional income earned beyond what is necessary to maintain the resource.

economic-realities test | Economic Research Service

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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