FACTORS OF PRODUCTION – LAND
Land refers to where productive activities such as growing of crops, rearing of animals and establishment of farm buildings, etc. are carried out. Land also includes soil, minerals, water and vegetation. Hence, it is a primary factor of production.
Land is a free gift of nature and is fixed in supply.
Characteristics of Land
- It is geographically immobile.
- It is a natural gift.
- Its value is determined by its location.
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