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Basic Concepts of Economics — Economics STD 9 — Question

ICSE BoardEnglish MediumSTD 9EconomicsBasic Concepts of Economics2 Marks
Question
Define the term land. Give two characteristics of land.
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Answer

Land refers to all natural resources used in the production of other goods and services.
Two characteristics of land
(i) Supply of land is fixed. (ii) Land varies in fertility.

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