Question

What is meant by ‘land’ as a factor of

production? What are the features of land as a

factor of production?​

Answer 1

Answer:

The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests.

Explanation:

i hope this helps

Answer 2

Answer:

Land is a strictly fixed factor of production. ... This means that no amount of change in demand can change the supply of land. To point out, this characteristic is evidence that the supply of land is perfectly inelastic. However, any free gift of nature is abundant, when seen through the lens of a single firm.