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Land Importance
Land has immense importance as factor of production. Everything can be ultimately traced to land is the original source o f all wealth. Importance of land can be studied under the following headings-
(i) Economic prosperity: economic prosperity of a country very largely depends upon the quality and the quantity of the natural resources like minerals, natural vegetation, rivers, etc. maximum use of the land and its natural resources through science and technology, arguments the economic prosperity of the country.
(ii) Development of primary industries: agriculture and fishery, forestry, mining etc. are dependent and on his gift of nature. Thus the development of primary industries is determined by the quality of land found within the country.
(iii) Development of manufacturing industries: the development of primary industries is greatly dependent upon land because the raw materials like cotton, jute, oil seeds etc. for these industries are supplied by agriculture. Besides the hydro-electric and other sources of power are also provided to these industries by nature.
(iv) Development of means of transport and communication: the presence of cheap and efficient means of transport is largely conditioned by the photography of a country where land is suitable for the construction of roads, railways etc. there far-flung areas of a country can be connected and helps in the effective movement of labour and goods from one place to another.
Other importance:
(v) Land or labour provides food of all kinds to human being.
(vi) Land as a factor of production is liable to enjoy a reward called ‘rent’.
(vii) Land or nature has a determining influence in moulding life, occupations and the standard of living of a commodity.
Peculiarities or characteristics of land
1. Free gift of nature: land is not man-made. It is a free gift of nature. It requires no human sacrifice or effort. Hence it has no cost of production, because in the initial stages, man paid no price for land acquired by him.
2. The supply of land is fixed: the total quantity of land is fixed by nature. Man can increase the supply of other factors of production, like labour or capital. But man cannot increase or decrease the quantity of land.
3. Permanent: land is fixed and permanent. It cannot be destroyed. It is a perennial source of crops and other vegetation. Even land which is destroyed by bombs during the Second World War shortly recovered its productive power.
4. Land differs in fertility and situation: different units of land differ from each other. They differ in two aspects- situation and fertility. Some lands are situated near the market, while others are away from the market. Similarly different acres of land differ in fertility.
5. Land is passive factor: land is not an active factor, it is passive. Land gives a negligible output itself. Labour and capital must be applied to make land productive.
6. Land is immobile: land lacks geographic mobility. An acre of land cannot be shift from one place to another.
7. Land has multiple uses: land is used for variety of purposes. On land cultivation can be done, factories can be set up. Roads can be constructed, buildings can be raised and shipping is possible in the sea and big rivers.
8. The yield from land is especially subject to the law of diminishing returns: the constant and continuous cultivation of land with more application of labour and capital results in diminishing yield from the land.
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(i) Economic prosperity: economic prosperity of a country very largely depends upon the quality and the quantity of the natural resources like minerals, natural vegetation, rivers, etc. maximum use of the land and its natural resources through science and technology, arguments the economic prosperity of the country.
(ii) Development of primary industries: agriculture and fishery, forestry, mining etc. are dependent and on his gift of nature. Thus the development of primary industries is determined by the quality of land found within the country.
(iii) Development of manufacturing industries: the development of primary industries is greatly dependent upon land because the raw materials like cotton, jute, oil seeds etc. for these industries are supplied by agriculture. Besides the hydro-electric and other sources of power are also provided to these industries by nature.
(iv) Development of means of transport and communication: the presence of cheap and efficient means of transport is largely conditioned by the photography of a country where land is suitable for the construction of roads, railways etc. there far-flung areas of a country can be connected and helps in the effective movement of labour and goods from one place to another.
Other importance:
(v) Land or labour provides food of all kinds to human being.
(vi) Land as a factor of production is liable to enjoy a reward called ‘rent’.
(vii) Land or nature has a determining influence in moulding life, occupations and the standard of living of a commodity.
Peculiarities or characteristics of land
1. Free gift of nature: land is not man-made. It is a free gift of nature. It requires no human sacrifice or effort. Hence it has no cost of production, because in the initial stages, man paid no price for land acquired by him.
2. The supply of land is fixed: the total quantity of land is fixed by nature. Man can increase the supply of other factors of production, like labour or capital. But man cannot increase or decrease the quantity of land.
3. Permanent: land is fixed and permanent. It cannot be destroyed. It is a perennial source of crops and other vegetation. Even land which is destroyed by bombs during the Second World War shortly recovered its productive power.
4. Land differs in fertility and situation: different units of land differ from each other. They differ in two aspects- situation and fertility. Some lands are situated near the market, while others are away from the market. Similarly different acres of land differ in fertility.
5. Land is passive factor: land is not an active factor, it is passive. Land gives a negligible output itself. Labour and capital must be applied to make land productive.
6. Land is immobile: land lacks geographic mobility. An acre of land cannot be shift from one place to another.
7. Land has multiple uses: land is used for variety of purposes. On land cultivation can be done, factories can be set up. Roads can be constructed, buildings can be raised and shipping is possible in the sea and big rivers.
8. The yield from land is especially subject to the law of diminishing returns: the constant and continuous cultivation of land with more application of labour and capital results in diminishing yield from the land.
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