Why is land a passive factor of products? Why is it important to study economics?
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Land is a passive factor of production, because it cannot produce anything on its own. Human element and capital inputs are required to be combined in an appropriate manner with land in order to obtain yields from it.
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. ... Indeed, economics is an important subject because of the fact of scarcity and the desire for efficiency....
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