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Explain the importance of land as a factor of production. - Economic Applications

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प्रश्न

Explain the importance of land as a factor of production.

संक्षेप में उत्तर

उत्तर

Importance of land are:

  1. Natural Resources: Land supplies natural resources including minerals, water, and forests, which are crucial for industrial processes in various sectors.
  2. Location: The location of land affects its value for specific activities. Proximity to markets, transportation networks, and resources can boost business efficiency and profitability.
  3. Agriculture: Land is vital for agricultural activities, including crop cultivation and livestock raising for food production.
  4. Infrastructure: Land is essential for infrastructure development, including buildings, roads, and utilities. These infrastructure aspects are crucial for economic and societal growth.
  5. Real Estate: Land forms the foundation for real estate development, residences, commercial areas, and industrial sites. Real estate is a significant economic industry that drives growth and jobs.
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2012-2013 (March)
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