Land: Land is a natural resource that may be needed for production activities like Farming etc. Land, Labor, Entrepreneurs & Capital are the three main factors of production in economics historically. In the words of Dr. Marshall “By land is meant materials and forces which nature gives freely for man’s aid, in land, water, in air, light and heat.” Land is, thus, an important factor of production which helps in the production of goods and services in one way or the other.

Land is important in production in several ways.

Given enough energy any problem can be solved. Traditionally, one of the most expensive costs in doing business, whether it was through leasing a property or buying one. In the long run energy is the master resource. These include any resource needed for the creation of a good or service. 2. So my answer is based on that: There are four factors of production: 1. Production is more or less a term that relates to Economics. The factors of production include land, labor, capital, and entrepreneurship. For things like agriculture, land has always been a critical aspect to production and economics, because so much can influence the land, like weather and pollution, pests and financial upheaval. Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit.

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