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economic rent

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economic rent

Payment to a factor of production over and above its transfer earnings, in other words, what it could earn in its next best use. For example, if a footballer is paid £50,000 a year but could only earn £20,000 a year in his next best job, then his economic rent would be £30,000.
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In the meantime, Iraq will have an interest to stay in Opec to get high oil prices to secure economic rent and revenues.
Research and Markets: Iraq's Oil Sector - Restoring Historical ... by Business Wire
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