Explain how does the economist''s use of the term rent

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Q. Some people claim that the "economic way of thinking" does not apply to issues such as health care. Explain how economics does apply to this issue by developing a "model" of an individual's choice.

Q. Explain how does the economist's use of the term rent differ from everyday usage? Explain: "through rent need not be paid by society to make land available, rental payments are very useful in guiding land into the most productive use."

Reference no: EM1348011

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