An important feature of land is that it?

By: |Published on: Dec 12|Categories: Commerce JAMB| 0 comments

A. has an elastic supply
B. is an active factor of production
C. is heterogenous in nature
D. is subject to returns to scale

Correct Answer:

Option B – is an active factor of production

Explanation

Land possesses the following characteristics:

  • Free Gift of Nature
  • Fixed Quantity
  • Land is Permanent
  • Land is a Primary Factor of Production
  • Land is a Passive Factor of Production
  • Land is Immovable
  • Land has some Original Indestructible Powers
  • Land Differs in Fertility

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