as a Factor of Production:
The term land in
economics is used in a special sense. It
mean soil or earth surface alone. Land in economics means
resources. It includes
all those things which are found under and over
the surface of earth. In the words of Marshall:
means the material and the forces which nature gives freely to
man's aid in land and water, in air
light and heat".
characteristics/Features of land as a factor of production are as
(i) Supply of
land. The supply of land from the point of view of the
is perfectly inelastic. However, from
the point of view of a firm, it is relatively elastic.
(ii) No geographical
Land has no geographical mobility. It cannot
shifted from one region to another region.
(iii) Land differs in
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.