Land
Definition
In economics, land refers not only to physical land but also natural resources like minerals, water bodies, forests, etc., which can be used for economic purposes. It is one of the four factors of production.
Analogy
Imagine land as a fertile field where you can grow crops. Just like the field provides the necessary space and resources for plants to grow, land in economics provides the foundation for various economic activities.
Related terms
Rent: Rent is the payment made by individuals or businesses to use land or other natural resources owned by someone else.
Natural Resources: Natural resources are materials or substances that exist in nature and have economic value, such as oil, coal, water, and timber.
Land Use: Land use refers to how land is utilized for different purposes such as agriculture, residential areas, industrial zones, etc.
"Land" appears in:
Subjects (2)
Study guides (1)
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