The Salary of an Athlete Like Peyton Manning Is in Part

question 51

True/False

The salary of an athlete like Peyton Manning is in part a reward for his unique ability-something economists call economic rent.

---

Definitions:

Unpaid Volunteer

An individual who offers services by choice without receiving monetary compensation for their work.

Value Added

Value added refers to the additional value created at each stage of production or service, calculated as the sales revenue minus the cost of raw materials and intermediate goods.

Raw Materials

The basic substances or components that are processed or refined to create goods and products.

Leakages

In the context of economics, refers to any portion of income that is not used for domestic spending, such as savings, taxes, or imports.