Land As A Factor of Production | Meaning and Characteristics of Land | Methods of Land Improvement

FACTORS OF PRODUCTION 

Land, labour, capital and management are the most essential elements or factors of production in agriculture. For productive purposes, the four (land labour, capital and farm manager) are employed in combination.

DEFINITION OF LAND 

Land can be defined as one of the factor of agricultural production used for cultivation of crops, rearing of animals and agricultural factories. Land is the free gift of nature available and used in the process of agricultural production. It includes: plains/mountains, water, forest, air, etc.

The reward for land is rent.

 

CHARACTERISTICS OF LAND

1. It is a free gift of nature.

2. It is fixed in supply.

3. It has no cost of production. Land cannot be produced.

4. The price of land is varies depend on their location.

5. It is not movable.

6. The reward for land is rent.

METHODS OF LAND IMPROVEMENTS

Land improvements are the actions taken to improve the quality of land and its availability for more usability.

Ways of improving the quality and its availability include –

1. Good drainage system

2. Good irrigation systems

3. Fencing

4. Landscaping

5. Parking lots and walkways

Source – Accounting Tools Dot Com

QUESTION

1. Discuss land as am important factor of production.

2. State 5 characteristics of land.

3. Outline 5 ways of improving the quality of land as a factor of production.