Answer
The everyday usage of the word rent refers to payment for a good or service typically housing, vehicles, and other property. In economics, rent is the price paid for paid for use of land or natural resources. No matter how high rent is the actual supply of land cannot change. The rent serves as no function as an incentive.
Work Step by Step
To understand this question, think about what the everyday citizens use the word rent as vs as the perception from an economic perspective.
