write a short note on land in fixed
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Free Gift of Nature: Man has to make efforts in order to acquire other factors of production. Fixed Quantity: The total quantity of land does not undergo any change. Land is Permanent: Land is a Primary Factor of Production: Land is a Passive Factor of Production: Land is Immovable
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Land refers to those natural resources that are useful and scarce. In other words, land stands for all natural resources, which yield an income or have an exchange value. Land as a factor of production has the following characteristic features: 1) Land is fixed in quantity. It is said that land has no supply price.
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