I've been having a hard time understanding the distinction between economic rent and economic profit. As far as I understand it, the terms mean as follows:
Economic rent is any revenue received by the owner of a factor of production (as a result of its use) in excess of the cost of bringing that factor into production. It can arise from the ownership of land and natural resources, the ownership of intellectual property such as patents and copyrights, or a market being in a state of imperfect competition wherein one or more economic entities have some level of market power and can act as price-setters instead of price-takers.
Economic profit is the difference between the revenue that an economic entity has received from its outputs and the economic cost of its inputs. The economic cost includes both accounting (explicit) and opportunity (implicit) costs. An economic profit of zero (also known as a state of "normal profit") is the minimum profit level that a company needs to achieve in order to justify its continued operation. In a perfectly competitive market that has reached long-run economic equilibrium, no one makes any economic profit, and there is no incentive for companies to enter or leave the industry.
What is the difference between these two concepts? Under this broader question, I have two sub-questions:
Is the cost of production referenced in the definition of economic rent the accounting cost or the economic cost? In other words, does it include the opportunity cost? If it's the accounting cost, then what makes economic rent different from accounting profit? If it's the economic cost, then what makes economic rent different from economic profit?
Can economic rent exist in a market without economic profit or vice versa?
Thank you for any answers that you can provide.