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Which of the following is NOT true about reports?
Economic Rent
The excess payment made to a factor of production over and above what is needed to keep it in its current use.
Land
In economics, it refers to all natural resources used to produce goods and services, one of the factors of production.
Profits
The financial gain achieved when the revenues generated from business activities exceed the expenses, costs, and taxes needed to sustain the activity.
Joseph Schumpeter
An economist known for his theory on business cycles and for coining the term "creative destruction" to describe the process of innovation in economics.
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