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What are the characteristics of land? |
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Answer» 1. Land is a primary factor of production 2. Land is a passive factor of production 3. Land is the free gift of nature 4. Land has no cost of production 5. Land is fixed in supply. It is inelastic in supply 6. Land is permanent 7. Land is immovable 8. Land is heterogeneous as it differs in fertility 9. Land has alternative uses 10. Land is subject to Law of Diminishing Returns. |
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