Explain four characteristics of land as a factor of production.
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.