Economic rent refers to the payment to a factor of production or a resource above its opportunity cost. It usually applies to resources that are unique or inelastic in supply.
Market Rent is the amount of rent a comparable unit would command if offered in a competitive market. It reflects the going rate in the open market based on various influencing factors including location, property condition, and current demand and supply.
A political philosophy advocating for the confiscation via taxation of the economic rent from land ownership as the sole revenue source for the government, aiming to address poverty by focusing on the unimproved value of land.
