Question: In economics, what is included in the term 'land' as a factor of production?
Options:
Mineral wealth
Subsoil water
Canals and dams
Crops raised on land
• In economics, the term 'land' refers to all natural resources used in the production process. This includes not only the surface of the earth but also everything beneath and above it that occurs naturally. Therefore:
-Mineral wealth: Minerals like coal, oil, and metals found beneath the earth's surface are considered part of 'land'.
-Factors of Production: The resources used to produce goods and services. These are typically classified as land, labor, capital, and entrepreneurship.