ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Land as a factor of production can mean agriculture and farming to the use of natural resources.

Detailed explanation-2: -What are some examples of land as a factor of production? Land includes any natural resource used to produce goods and services; anything that comes from the land. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests.

Detailed explanation-3: -Land. Land as a factor of production includes the natural resources used to create a good or service. These can be renewable resources like forests or nonrenewable resources like oil, gold or water, says Edward Petersmarck, executive director of practice development at M&O Marketing.

Detailed explanation-4: -One uses the land to produces goods. It is the primary and natural factor of production.

Detailed explanation-5: -Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else.