When economic resources are devoted to transferring wealth from one sector of the economy to another rather than being used for productive purposes,the process is known as:

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Rent seeking refers to the process of using resources to acquire economic rent, rather than engaging in productive activity. It involves using political or legal means to obtain a larger share of existing wealth, rather than creating new wealth. Rent seeking activities can be seen in various forms such as lobbying for favorable regulations or subsidies, seeking protectionist measures or tariffs, or manipulating markets to gain an advantage. This ultimately results in a misallocation of resources and lowers overall economic efficiency.

When Economic Resources Are Devoted to Transferring Wealth from One