Land
Definition
Land refers to all natural resources used in the production of goods and services. This includes not only the physical land itself, but also any resources that come from it such as minerals, water, and timber.
Analogy
Think of land as a giant pantry filled with ingredients for making different dishes. Just like how chefs use various ingredients to create delicious meals, producers use different natural resources from the land to make products.
Related terms
Rent: Rent is the payment made by a producer or individual for the use of land or other natural resources.
Natural Resources: Natural resources are materials or substances that occur naturally in nature and can be used for economic purposes.
Agricultural Land: Agricultural land specifically refers to land used for farming activities such as growing crops or raising livestock.
"Land" appears in:
Subjects (2)
Study guides (3)
Resources
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