Question 28 of 39
Q.What are the characteristics of Land ?
Tamil Nadu DgeTamil Nadu HSC First Year (DGE) Commerce Board 2024Subjective· 3mImportance★★★★★
72% · 28/39 Questions
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Start your 14-day free trial to unlock the full solution →Land is nature's free gift with a fixed, immobile supply; it is a primary, passive factor of permanent but varying fertility, and is subject to diminishing returns.
In the Tamil Nadu HSC Class-11 Economics syllabus, land includes all natural resources — soil, water, minerals, forests and climate. Its characteristics are:
- Free gift of nature — land is supplied by nature at no cost of production; human effort did not create it.
- Fixed / inelastic supply — the total quantity of land is fixed; its supply cannot be increased or decreased, so its supply is perfectly inelastic for the economy as a whole.
- Immobile — land cannot be shifted physically from one place to another (geographical immobility), though it has some occupational mobility (can be put to different uses).
- Primary and passive factor — land itself produces nothing until labour and capital are applied to it; it is a passive factor of production.
- Differences in fertility — all pieces of land are not equally productive; fertility and situation vary, which gives rise to rent. …
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