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Question
What are the characteristics of land?
Answer in Brief
Solution
- The land is a primary factor of production
- The land is a passive factor of production
- Land is the free gift of nature
- Land has no cost of production
- Land is fixed in supply. It is inelastic in supply
- Land is permanent
- Land is immovable
- Land is heterogeneous as it differs infertility
- Land has alternative uses
- Land is subject to the Law of Diminishing Returns.
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Features of the Factors of Production
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