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Question
Explain the importance of land as a factor of production.
Solution
Importance of land are:
- Natural Resources: Land supplies natural resources including minerals, water, and forests, which are crucial for industrial processes in various sectors.
- Location: The location of land affects its value for specific activities. Proximity to markets, transportation networks, and resources can boost business efficiency and profitability.
- Agriculture: Land is vital for agricultural activities, including crop cultivation and livestock raising for food production.
- Infrastructure: Land is essential for infrastructure development, including buildings, roads, and utilities. These infrastructure aspects are crucial for economic and societal growth.
- 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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