Question on: JAMB Economics - 1995

The correct answer is **economic rent**. Economic rent is defined as any payment to a factor of production above its opportunity cost or what is necessary to keep that factor in its current use. Here's why the other options are incorrect: * **A. real income:** Real income is income adjusted for inflation, reflecting the purchasing power of the income. * **B. profit:** Profit is the reward for entrepreneurship, representing the difference between revenue and costs. * **D. real wage:** Real wage is the wage adjusted for inflation, reflecting the purchasing power of the wage.