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Land as a Factor of Production:

 

Meaning and Definition:

 

The term land in economics is used in a special sense. It does not mean soil or earth surface alone. Land in economics means natural resources. It includes all those things which are found under and over the surface of earth. In the words of Marshall:

 

"The land means the material and the forces which nature gives freely to man's aid in land and water, in air and light and heat".

              

Characteristics/Features:

 

The main characteristics/Features of land as a factor of production are as follows:

 

(i) Supply of land. The supply of land from the point of view of the economy is perfectly inelastic. However, from the point of view of a firm, it is relatively elastic.

 

(ii) No geographical mobility. Land has no geographical mobility. It cannot be shifted from one region to another region.

 

(iii) Land differs in fertility. All the plots of land are not homogeneous. They differ in fertility.

 

(iv) Land is permanent. The power of the soil is original and indestructible.

Relevant Articles:

Economic Resources
Land as a Factor of Production

Labor as a Factor of Production

Entrepreneur as a Factor of Production
Division of Labor
Mobility of Labor
Capital as Factor of Production
Capital Formation

Capital Market

 

Principles and Theories of Micro Economics
Definition and Explanation of Economics
Theory of Consumer Behavior
Indifference Curve Analysis of Consumer's Equilibrium
Theory of Demand
Theory of Supply
Elasticity of Demand
Elasticity of Supply
Equilibrium of Demand and Supply
Economic Resources
Scale of Production
Laws of Returns
Production Function
Cost Analysis
Various Revenue Concepts
Price and output Determination Under Perfect Competition
Price and Output Determination Under Monopoly
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Rent
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Determination of National Income
Theories of Employment
Theory of International Trade
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Development and Planning Economics
Introduction to Development Economics
Features of Developing Countries
Economic Development and Economic Growth
Theories of Under Development
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Agriculture and Economic Development
Monetary Economics and Public Finance
History of Money

 

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