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Question
Distinguish between the following:
Land and capital
Solution
| Land | Capital |
| Land broadly refers to all the natural resources, flora and fauna, earth, buildings, avenues, air, water, minerals, etc. | Capital includes money invested in the business, machinery and tools. |
| Land is a free gift from nature. | Capital is man-made. |
| It has an inelastic supply. | It has an elastic supply. |
| The factor payment received on land is rent. | The factor payment received on capital is interest. |
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