The return derived from cultivated land in excess of that derived from the poorest land cultivated under similar conditions; SYN. 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 Ł50,000 a year but could only earn Ł20,000 a year in his next best job, then his economic rent would be Ł30,000.