Question

Explain the statement: "Land is a peculiar factor of production".

Answer 1

"Land is a peculiar factor of production"- this is a true statement.1) Land is a gift of nature. It includes natural resources.

2) Supply of land is fixed since it is a gift of nature.

3) Efficiency of land can be increased by several methods.

4) Land is a passive factor of roduction since without labour, land has no use.