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How is Land Different from Labour? - Economics

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Question

How is land different from labour?

Solution

The land is different from labour in the following ways:

  • Land is limited in supply: Supply of land is fixed as it is given by nature. But other factors of production can be increased in supply to a greater or lesser extent.
  • 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.
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Solution How is Land Different from Labour? Concept: Factors of Production Land.
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