important uses of land as a factor of production

 

IMPORTANT USES OF LAND AS A FACTOR OF PRODUCTION
what is land? Land is defined in as a free gift of nature.

what is land as a factor of production

What is land in economics?
Land in does not only include land surface of the earth but all other free gifts of nature or natural resources like forest, mineral resources, rivers, oceans and atmosphere.

WEED AND THEIR BOTANICAL NAMES
1. ENVIRONMENTAL FACTORS AFFECTING AGRICULTURAL PRODUCTION
2. DISEASES
3. 52. SOIL MICRO-ORGANISMS
4. ORGANIC MANURING
5. FARM YARD MANURE
6. HUMUS
7. COMPOST
8. CROP ROTATION

Unlike other factors of production, the supply of land is limited. The reward for land is rent.

Characteristics or features of land


Land is immobile: Land cannot be moved from one geographical location to another

The supply of land is fixed: It is practically impossible for man to increase the quantity of land.

Land is a free gift: Land is given freely by nature.

Land is subject to diminishing returns: When a piece of land is frequently bought under cultivation, it becomes less productive

Variability: The quality and value of land varies from one place to another as some areas of land are more fertile than others

Rent: The reward for land is classified as rent

Land has no cost of production: No cost was involved in bringing land into existence

Land is heterogeneous: No two parcels of land are the same in value or in other characteristics

Importance and uses of land

Farming purposes: Land is used for the cultivation of both food and cash crops, e.g maize, yam and cocoa. provides irrigation for farming activities in dry areas.

Livestock purpose: land is also used for livestock production (i.e. rearing of animals), e.g. cattle, sheep, goat and poultry

purposes: Land is used for in rivers, seas and oceans. Fish ponds are also developed

Wild life purposes: Land is used for wildlife conservation, e.g. game reserves and national parks


As collateral security: Land with Certificate of Occupancy (C of O) is used widely as collateral to secure loans from banks, especially in urban centres


Construction purposes: Land is used for construction purposes, e.g. roads, airports and railway. Sand, stone, gravel and granite are raw materials used for building and road construction


Social or recreational purpose: Land can also be used for social or recreational purposes, e.g. stadia, schools, markets and cemeteries

general uses of land

  1. Residential buildings: Residential buildings and housing estates are sited on land
  2. For industrial buildings: Industrial buildings are also cited on land
  3. Sources of minerals: Land is the source of minerals like limestone, gold, tin and petroleum, which can serve for transportation of people and goods from one place to another
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