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Explain five features of land as a factor of production.

Explain five characteristics of land as a factor of production.

Answers

gideon
i. Is a gift of nature /God given since man has no ability to creat it.
ii. Is fixed in supply /inelastic supply for it cannot be increased beyond what nature /God has
provided.
iii. Is geographically immobile since it cannot be moved from one area/place to another.
iv. Quality of land is not homogenious/uniform /saves because one piece of land is diffrrent from
another in terms of productivity.
v. Is occupationaly mobile as it can be put into different uses.
vi. Its productivity can be improved by increasingly quantity/quality of capital.
vii. Is subject to the low diminishing returns since increase in inputs can improve output upto a
certain level than drop over when the input rate increased.
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gideon1 answered the question on September 25, 2017 at 10:30

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