Characteristics of Land

Land as a factor of production has the following characteristic features:

a) Land is fixed in quantity. It is said that land has no supply price. That is, the price of land prevailing in the market cannot affect its supply; the price may be high or low, its supply remains the same.

b) Land has original and indestructible properties.

c) Land lacks mobility in the geographical sense.

d) Land differs in fertility.

e) It is a free gift of nature.