any 4 characteristics of land as a factor of production
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Characteristic of land are -
1) LAND IS THE PASSIVE FACTOR OF PRODUCTION:
This is because it cannot produce anything by itself. For example, wheat cannot grow on a piece of land automatically. To grow wheat man has to cultivate land. Labour is the active factor but land is passive factor of production.
2) LAND IS PERMANENT:
All man made things are perishable and these may even go out of existance. But land is in destructible. This, it cannot go out of existance. It is not destructible.
1) LAND IS THE PASSIVE FACTOR OF PRODUCTION:
This is because it cannot produce anything by itself. For example, wheat cannot grow on a piece of land automatically. To grow wheat man has to cultivate land. Labour is the active factor but land is passive factor of production.
2) LAND IS PERMANENT:
All man made things are perishable and these may even go out of existance. But land is in destructible. This, it cannot go out of existance. It is not destructible.
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LAND IS THE PRIMARY,NATURAL AND ORIGINAL FACTOR OF PRODUCTION:-
1.FREE GIFT OF NATURE-
LAND IS THAT FACTOR OF PRODUCTION WHICH IS NATURAL AND IS NOT CREATED WITH HUMAN EFFORTS
2.HETROGENITY-
LAND IS HETEROGENEOUS PRODUCT.LAND DIFFERS IN QUALITY AND THERE ARE DIFFERENT GRADES OF LAND.
3.SITE VALUE-
LAND IS THE NATURAL FACTOR ,VALUE OF LAND DEPENDS UPON THE LOCATION IF THE LAND.
4.DIMINISHING MARIGNAL RETURN-
LAND IS SUBJECT TO DMR. AS MORE AND MORE UNITS OF LADOUR AND CAPITAL ARE ADDED TO THE SAME PIECE OF LAND , THE TOTAL OUTPUT INCREASES BUT AT A DIMINISHING RATE
1.FREE GIFT OF NATURE-
LAND IS THAT FACTOR OF PRODUCTION WHICH IS NATURAL AND IS NOT CREATED WITH HUMAN EFFORTS
2.HETROGENITY-
LAND IS HETEROGENEOUS PRODUCT.LAND DIFFERS IN QUALITY AND THERE ARE DIFFERENT GRADES OF LAND.
3.SITE VALUE-
LAND IS THE NATURAL FACTOR ,VALUE OF LAND DEPENDS UPON THE LOCATION IF THE LAND.
4.DIMINISHING MARIGNAL RETURN-
LAND IS SUBJECT TO DMR. AS MORE AND MORE UNITS OF LADOUR AND CAPITAL ARE ADDED TO THE SAME PIECE OF LAND , THE TOTAL OUTPUT INCREASES BUT AT A DIMINISHING RATE
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