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Question
Explain in brief, the characteristics of land with respect to its supply and use.
Answer in Brief
Solution
- Limited in Supply: A peculiar feature of land is its fixed supply. Other factors of production can increase the supply to a great extent. No human power can alter the supply of land. So land is the only factor in production whose supply is fixed regardless of price. The supply curve of land is a vertical line at a given quantity.
- Land has many uses: We can make use of land in many ways. On land, cultivation can be done, factories can be set up, roads or railway tracks can be constructed, buildings can be raised, and so on.
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