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Question
Distinguish between the following.
Land and capital.
Solution
Land and Capital.
| LAND | CAPITAL |
|
Meaning In economics land includes all natural resources which are available on, above, and under the surface of the earth. |
In economics, capital refers to that of wealth which is used for further production of wealth. |
|
Nature of Factor Land is the natural factor of production, it is permanent in nature. |
Capital is a man made factor of production. It lacks permanency. |
|
Elasticity The elasticity of land is perfectly inelastic. |
The elasticity of capital is relatively elastic. |
|
Mobility Land is perfectly immobile |
Capital is mobile factor. |
|
Appreciation/Depreciation The value of land normally appreciates. |
The value of capital like machines depreciates. |
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