Land Word Scramble
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| Question | Answer |
| 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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