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Differentiate between Land and Capital as factors of productions?class 9 economics chapter 1 |
| Answer» ALTHOUGH land can be said to be a form of capital, the major differences between the two are:1. Land is a purely natural resource whereas capital comprises anything which has VALUE. EX. - money, gold, machinery etc.2. Whereas land is a fixed resource, there is no limit to the AMOUNT of capital that can be raised.3. Land is a primary factor of production meaning it is absolutely necessary for production whereas capital is a SECONDARY factor of productsExplanation: | |