Question: How does the economists use of the term rent differ from everyday usage? Explain: Though rent need not be paid by society to make land
How does the economist’s use of the term “rent” differ from everyday usage? Explain: “Though rent need not be paid by society to make land available, rental payments are very useful in guiding land into the most productive uses.”
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In everyday usage rent is the term used to describe the payment that must be paid for the legal borr... View full answer
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