What is land as a factor of production?

Land as a factor of production can mean agriculture and farming as well as the use of natural resources, and even land to construct buildings on. The modern definition of factors of production is primarily derived from a neoclassical view of economics.

What is a factor of production in economics?

Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. What are some examples of land as a factor of production?

What are the 4 factors of production?

There are four factors of production—land, labor, capital, and entrepreneurship. Land has a broad definition as a factor of production and can take on various forms, from agricultural land to commercial real estate to the resources available from a particular piece of land.