Answer: Land, In economics, the resource that encompasses the natural resources used in production. ... Land was considered to be the “original and inexhaustible gift of nature.” In modern economics, it is broadly defined to include all that nature provides, including minerals, forest products, and water and land resources.
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Answer: Land, in economics, is the concept that encompasses all natural resources whose supply is inherently fixed (that is, it does not change in response to variations in their prices in the market).
