Next-Gen

Land Factors of Production

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by 569688aa1425b569688aa16dd9
Last updated 1 year ago

Discipline:
Social Studies
Subject:
Economics

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Land Factors of Production

In economics, land is classified as everything in the world and universe that is not created by humans. This includes much more than just what is on the surface of the Earth. Natural forces including sunlight, air, wind, and minerals, are all defined as land. Everything we have and use on a daiy basis is made of raw materials provided by nature. We need land in order to survive since all people have material needs for survival.

All factors of production depend on land. Labour is a factor of production that depends on land. When man alters natural resources, he must exert himself to utilize natures gifts to satisfy our wants and needs. Without land there would be nothing to alter, and the process of labour would be obsolite.

Labour is dependant on land

What is land?

wealth, goods, and capitol

Wealth, goods, and capitol, all depend on land aswell. When land is altered by labour and made into tangible goods that satisfy out needs and hold an exchange value, they are reffered to as wealth. Capitol occures when wealth is used to create and produce more wealth. Without land none of there factors or production would be possible. Without land, labour would not have anything to turn into goods or wealth, and wealth would not be able to be turned into capitol.


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