An amount of money gained that is greater than what is necessary for economic or social needs is known as economic rent. Here camila will have to pay annual rent
Amounts earned beyond what is required economically or socially are referred to as economic rent. This may happen, for instance, when a buyer makes an offer before learning the seller's suggested price in an effort to obtain an exclusive good or service. Economic rent thus rises as a result of market flaws; if markets were perfect, prices would fall due to competitive pressure.
The income that can be obtained from land or any natural resource for which there is a fixed supply or, as economists prefer to say, where the supply is perfectly inelastic is known as economic rent.
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