Economic Rent: Definition, Types, How It Works, and Example.

What Is Economic Rent? Economic rent is a payment to a factor of production in excess of what is necessary to keep it employed in its current use. There are four types of economic rent: 1. Location rent 2. Resource rent 3. Monopoly rent 4. Differential rent Location rent is the payment made to the … Read more

What is the Index of Economic Freedom?

The index of economic freedom is used to measure the existing economic freedom in a given country. Twelve economic markers are used to perform its calculation. The index of economic freedom was created in 1995. Those responsible for its creation were The Heritage Foundation and The Wall Street Journal, who were inspired by the work … Read more