Question

What do you mean by land and what are its four characteristics?

Answer 1

Land refers to not only the surface of the earth but all those free gifts of nature, the supply of which can be regulated.

Characteristics of Land:

1) Land is limited in supply - Others factors of production can be increased to a certain extent but since land is fixed, supply of land cannot increased.

2) Land is primary factor of production - In every kind of production we have to make use of land. Therefore, land is a basic factor of production.

3) Land is a passive factor of production - Land cannot produce anything by itself. It requires services of labour and use of capital to work on it.

4) Land has many uses - Cultivation can be done on land, factories can be set up, road & railway tracks can constructed, buildings can be raised etc. Land is multipurpose.