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Explain the Following Concepts Or Give Definitions. Land - Economics

Short Note

 Explain the following concepts or give definitions.

 Land  

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Solution

In economics, land does not merely imply soil. In fact, it broadly refers to all natural resources, flora and fauna, earth, buildings, avenues, air, water, minerals etc. The owner of the land (the landlord) receives rent in exchange for his contribution to the production process.

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