What is land as the factor of production?
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The economic inputs used to make a profit are called factors of production. According to traditional economic theory, there are four main factors of production:land, labor, capital, and entrepreneurship.
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a. Land is a fixed factor of production.
b. It is a free gift of nature.
c. It is a passive factor of production.
d. Production from the same piece of land can be increased by using various modern techniques.
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