What do you mean by land? Explain it's features/characteristics.

 Land- Factor of production... 

In common language, land means the surface of the earth which is covered by soil. But in economics, land refers all the free gift of nature including the surface of the earth. It means all the things which are found under and above the surface of the earth comes under the category of land. For example: air, water, sunlight, vegetation, mineral deposits, mountains, rivers etc. 

      

       Following are the features or characteristics of Land:

1. Free gift of nature: Land is a free gift of nature. It is given to us free of cost by the nature. 

2. Inelastic supply: Land is limited in supply. We can't increase the supply of it. 

3. Basic factor of production: Land is the most common and necessary factor of production because without land it's impossible to use other factors of production and to produce goods and services. So it's a basic factor. 

4. Passive factor of production: Land is a passive factor of production because it can't produce anything itself. Man has to do some efforts to produce something out of it. 

5. Immobile factor of production: Land is immobile. It can't be transported from one place to another. 

6. Land differ in quality: Land is heterogeneous in nature i.e all lands are not equally fertile. Some are more fertile than others. So land differ in quality.