Question

Assertion: Land is a natural resource of utmost importance.

Reason: Land can be used for various purposes.

i. Assertion and reason is true and Reason is the correct explanation of Assertion.

ii. Both are true but Reason doesn’t explain Assertion.

iii. Assertion is true but Reason false.

iv. Assertion and Reason both are false.​

Answer 1

Answer:

i) Assertion and reason is true and reason is correct explanation of assertion

Answer 2

Answer:

i. Assertion and reason is true and Reason is the correct explanation of Assertion.

Explanation:

• The term "earth" generally refers to the surface of the earth. But in economics it includes everything that is freely available  from "nature" as a gift to man. The earth represents all of nature, living and non-living, that man uses in production.
• Importance of land as a factor of production - In all types of production we must use land. So land is a fundamental factor of production, like -

1. In industry, it helps to provide raw materials.
2. Provision of space/area for  the installation of industrial infrastructure sites.
3. In agriculture, land is considered  the main factor of production since crops are produced on land.
4. All sources of energy, i.e.,Hydroelectric power, thermal power, diesel, coal, oil, etc. emanate from the earth.

• Basically, the “earth” is the original source of all material wealth and of tremendous elevation for mankind. Although it is  a passive factor, it is an important production factor. A country's overall economic prosperity is directly related to the wealth of its natural resources.

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