SSC MTS EXAM

Detailed explanation-1: -Land as the factor of production: Land as a factor of production includes all fixed natural resources like soil, water, air, forest, coal and so on that are available on land. The land indirectly includes all these factors required to set up a factory.

Detailed explanation-2: -Land has a broad definition as a factor of production and can take on various forms, from agricultural land to commercial real estate to the resources available from a particular piece of land. Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land.

Detailed explanation-3: -Factors of production is an economic concept that refers to the inputs needed to produce goods and services. The factors are land, labor, capital, and entrepreneurship. The four factors consist of resources required to create a good or service, which is measured by a country’s gross domestic product (GDP).