Land

Definition

In economics, land refers not only to physical land but also natural resources like minerals, water bodies, forests, etc., which can be used for economic purposes. It is one of the four factors of production.

Related terms

Rent: Rent is the payment made by individuals or businesses to use land or other natural resources owned by someone else.

Natural Resources: Natural resources are materials or substances that exist in nature and have economic value, such as oil, coal, water, and timber.

Land Use: Land use refers to how land is utilized for different purposes such as agriculture, residential areas, industrial zones, etc.