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Land

QuestionAnswer
Outline the economic characteristics of land? Fixed in supply, land doesn’t have any cost of production, non-specific FOP, the price does not affect the quantity available, lack of mobility.
Outline why land is considered to be a unique FOP? Its a gift of nature and therefore no cost of production to society and its fixed in supply.
Define Land? Anything provided by nature that helps in the production of goods and services to create wealth.
Outline the factors that influence the price paid for land? Demand of private houses, road building, business demand, public amenities.
Outline the factors that needs to be considered before deciding where to locate a factory? Labour & wage rates, cost of land, nature of the product, availability of infrastructure, government influence.
State some contributions made by the classical economist David Ricardo? Theory of Rent, Law of Comparative Advantage, Accepted the Subsistence Wages Theory/iron Law of Wages.
Created by: deborahh
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