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| 1. |
Write any three differences between land and capital |
| Answer» \tLANDCAPITALIn economics land includes all natural resources which are available on, above, and under the surface of the earth.In economics, capital refers to that of wealth which is used for further production of wealth.Land is the natural factor of production, it is permanent in nature.Capital is a man made factor of production. It lacks permanency.The elasticity of land is perfectly inelastic.The elasticity of capital is relatively elastic.Land is perfectly immobileCapital is mobile factor.The value of land normally appreciates.The value of capital like machines depreciates.\t | |