Land as a factor of production comprises?

Assessment: WAEC SSCE - Commerce - 1995 (Objective) Subject: Commerce

Question 1 Report

Land as a factor of production comprises?
Answer Details
In economics, land is a factor of production that includes all natural resources provided by nature. This encompasses not only the surface of the earth, but also the minerals, forests, water resources, oil, and gas reserves that exist within it. Land is distinct from labor and capital, which are the other two factors of production. Land as a factor of production does not refer solely to the earth's surface or vegetation, but also includes everything that is found beneath it or on it that is not created by human beings. Therefore, the answer is "all resources provided by nature."

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