The factor of production called "land" can be defined as:
A)the earth and anything in it used to produce goods and services.
B)that area of the earth exchanged in the real estate market by businesses.
C)the fraction of total costs spent on rent,lease,or mortgage.
D)the earth and any structures on it that are used to produce goods and services.

Question

Quizplus · Accepted Answer

Land as a factor of production refers to the natural resources and anything that comes from the earth that is used to produce goods and services. This includes land, water, forests, minerals, and everything above or below the surface of the earth. Buildings or structures on the land are not considered land but rather capital, which is another factor of production.

The Factor of Production Called "Land" Can Be Defined As