Dorian Taylor offers a nice overview of some very useful vocabulary so I will never again have to explain from scratch what I'm talking about when I allude to “rent-seeking behavior”.
Once these were modes of income for people, now they are better understood as components of commercial transactions.
- A rent is a benefit you receive as an accident of your position.
- Profit is the return you get for putting capital at risk.
- Wages are what you earn in exchange for your labour.