JAMB - Commerce (2014 - No. 4)
An important feature of land is that it
has an elastic supply
is an active factor of production
is heterogenous in nature
is subject to returns to scale
Explanation
Land possesses the following characteristics:
- Free Gift of Nature
- Fixed Quantity
- Land is Permanent
- Land is a Primary Factor of Production
- Land is a Passive Factor of Production
- Land is Immovable
- Land has some Original Indestructible Powers
- Land Differs in Fertility
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