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# Rent of Land

## Definition

The portion of a commodity's price that compensates landowners for the use of their land, including the natural produce and the exclusive right to its resources. This represents the landlord's claim on value created through land ownership.

## Source Chapter

Book I, Chapter 6

## Context

One of the three component parts of price, introduced when Smith discusses how land becomes private property. He explains how landlords demand payment even for natural produce, making rent a third component alongside wages and profits in the price of most commodities.

## Economic Domain

Distribution

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