Classical Factor Rent
Classical factor rent is primarily concerned with the fee paid for the use of fixed (e.g. natural) resources. The classical definition is expressed as any excess payment above that required to induce or provide for production.
- "A payment for the services of an economic resource which is not necessary as an incentive for its production"
- "Any payment that does not affect the supply of the input"
- "A payment to any factor in perfectly inelastic supply"
Read more about this topic: Economic Rent
Famous quotes containing the words classical, factor and/or rent:
“Et in Arcadia ego.
[I too am in Arcadia.]”
—Anonymous, Anonymous.
Tomb inscription, appearing in classical paintings by Guercino and Poussin, among others. The words probably mean that even the most ideal earthly lives are mortal. Arcadia, a mountainous region in the central Peloponnese, Greece, was the rustic abode of Pan, depicted in literature and art as a land of innocence and ease, and was the title of Sir Philip Sidney’s pastoral romance (1590)
“You factor in racism as a reality and you keep moving.”
—Jewell Jackson McCabe (b. 1945)
“The arbitrary division of one’s life into weeks and days and hours seemed, on the whole, useless. There was but one day for the men, and that was pay day, and one for the women, and that was rent day. As for the children, every day was theirs, just as it should be in every corner of the world.”
—Alice Caldwell Rice (1870–1942)