Question

Explain the meaning of land as a factor of production.

Answer 1

Land is a significant factor in production, despite the fact that it is a passive factor. The importance of land is clear from the following facts:

1. Promoting agricultural development: The quantity and quality of a country's land have a significant impact on its agricultural development. The presence of fertile soil and an ample supply of water for irrigation create favourable conditions for agricultural development.
2. Promoting industrial development: Mineral resources such as iron ore, aluminium, copper, and uranium serve as basic raw materials for industrial development. It also serves as a site for the construction of factory buildings and industries.
3. Electricity generation: Coal, petroleum, water, and wind resources are abundant and essential sources of electricity. These natural resources are the source of both hydroelectric and thermal electricity.
4. Source of transportation: All major modes of transportation, such as roadways, trains, canals, and airways, are built on the surface of land, rivers, oceans, and air, all of which are components of land.