Definition of Economic. Meaning of Economic. Synonyms of Economic
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Definition of Economic
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economic or Ricardian rentRent Rent, n. (Polit. Econ.)
(a) That portion of the produce of the earth paid to the
landlord for the use of the ``original and indestructible
powers of the soil;' the excess of the return from a
given piece of cultivated land over that from land of
equal area at the ``margin of cultivation.' Called also
economic, or Ricardian, rent. Economic rent is due
partly to differences of productivity, but chiefly to
advantages of location; it is equivalent to ordinary or
commercial rent less interest on improvements, and nearly
equivalent to ground rent.
(b) Loosely, a return or profit from a differential advantage
for production, as in case of income or earnings due to
rare natural gifts creating a natural monopoly.
Economically E`co*nom"ic*al*ly, adv.
With economy; with careful management; with prudence in
EconomicsEconomics E`co*nom"ics, n. [Gr. ?, equiv. to ? ?. See
1. The science of household affairs, or of domestic
2. Political economy; the science of the utilities or the
useful application of wealth or material resources. See
Political economy, under Political. ``In politics and
economics.' --V. Knox. OEconomicalOEconomical [OE]`co*nom"ic*al, a.
See Economical. OEconomicsOEconomics [OE]`co*nom"ics, n.
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