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What does land mean in economics?

And land doesn't just have to strictly mean land in an economics context. It can mean natural resources in general. This could be things like water or air or energy. So, in some contexts, instead of land, some people might say natural resources for this first factor of production.

Why is land considered a factor of production?

Land is considered one of the three factors of production (also sometimes called the three producer goods) along with capital, and labor. Natural resources are fundamental to the production of all goods, including capital goods.

Why is land important?

Land provides food, raw materials and shelter. Land is considered the primary factor of production. Land is rich in coal, water and petroleum, which are used for generating power. Land is required to construct factories and industries to carry out the production process. Land is of great importance to mankind.

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