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Explain Four Characteristics of Land as a Factor of Production. - ICSE Class 10 - Economics

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Question

Explain four characteristics of land as a factor of production.

Solution

Four characteristics of land:
i. Land is limited in supply: Supply of land is fixed as it is given by nature.
ii. Gifts of nature: Land is a gift of nature which does not have any cost of production. The land is readily available for any use. However, other agents of production are available at a cost.
iii. Primary factor of production: Land is a basic factor of production because it cannot produce anything by itself.
iv. Land has alternative uses: Land can be used for alternative uses such as cultivation, dairy or poultry-farming, rearing of livestock, the building of houses, playground etc.

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APPEARS IN

 2013-2014 (March) (with solutions)
Question 5.1 | 5.00 marks
Solution Explain Four Characteristics of Land as a Factor of Production. Concept: Factors of Production Land.
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