Factors of Production — Economics STD 10 — Question
ICSE BoardEnglish MediumSTD 10EconomicsFactors of Production2 Marks
Question
What is land in Economics?
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Answer
Land not only includes upper surface of the soil but also includes all the other free gifts of nature, such as air, water, climate, sun, rivers, forests, mountains, mine, etc., which are economically useful to man. Thus, land is taken in the sense of natural resources. In every type of productive activity, land is required. So, land is a basic factor of production
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