Briefly explain the Economic term Land
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Land, In economics, the resource that encompasses the natural resources used in production. ... Land was considered to be the “original and inexhaustible gift of nature.” In modern economics, it is broadly defined to include all that nature provides, including minerals, forest products, and water and land resources.
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Land is rich in coal, water and petroleum, which are used for generating power. Land is required to construct factories and industries to carry out the production process. Land is of great importance to mankind. A nation's economic wealth is directly related to the richness of its natural resources.
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