IMPORTANT USES OF LAND AS A FACTOR OF PRODUCTION. what is land? Land is defined in economics as a free gift of nature. There are five types of land use: residential, agricultural, recreation, transportation, and commercial. another definition can be be defined like this,
The land is a natural resource consisting of the solid surface of the Earth that is not covered by water. It includes various physical features such as plains, mountains, valleys, plateaus, and deserts. The land is a vital resource for human civilization, providing space for agriculture, housing, industry, and infrastructure development.
Here are some key points about land:
- Landforms: Land can have diverse landforms, including mountains, hills, plains, plateaus, valleys, and coastal areas. These landforms are shaped by natural processes such as erosion, tectonic activity, and weathering over millions of years.
- Land Use: Land is used for various purposes, including agriculture, residential areas, commercial and industrial development, transportation infrastructure, conservation areas, and recreational spaces. The way land is utilized is often regulated by zoning and land use planning laws.
what is land as a factor of production
What is land in economics?
Land in economics 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.
Characteristics or uses of land
Land is immobile: Land cannot be moved from one geographical location to another
- economic tools for nation building
- factors affecting the expansion of industries
- mineral resources and the mining industries
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 brought under cultivation,
it becomes less productive so to avoid the loss of land value the use of fallow farming is encouraged to improve the important uses of land 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 or important uses of land is classified as rent
The land has no cost of production: No cost was involved in bringing land into existence
The land is heterogeneous: No two parcels of land are the same in value or in other characteristics
Importance and uses of land
Wildlife purposes: Land is used for wildlife conservation, e.g. game reserves and national parks
As collateral security: Land with a 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 railways. 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. stadiums, schools, markets and cemeteries
general uses of land
- Residential buildings: Residential buildings and housing estates are sited on land
- For industrial buildings: Industrial buildings are also cited on land so this one critical uses of land. Particular areas of land can be utilized by humans in diverse ways. These can include residential, institutional, business, industrial, agricultural
- 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