DIFFERENT TYPES OF RENT-ALL YOU NEED TO KNOW

The word rent can refer to any periodic payment made regularly for the hire of a good e.g. a house, a flat, a shop, etc. Rent is the share of the national income that goes to the owners of the land. Mineral royalties are a form of rent. The amount of economic rent is determined by the richness of the land or mine since the greater the value that a given amount of labour can produce, the greater the surplus from which rent can be paid…….

 

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