Question

In economic terms, “land” refers only to physical plots of ground. true or false

Answer 1

The correct answer is: False

Land is one of the factors of production in economics along with labour and capital. These are the resources people use to produce goods ans services, they are essential as they form the basis of this discipline.

In classical economics it was defined as "the originanl inexhaustible gift of nature." Nowadays we know most of them are limited resources, therefore scarce. In modern economics it includes everything provided by nature, from minerals and forest products to water and land resources. As you can see, not physical plots of ground are included but all that can be produced by nature or obtained there.  

Answer 2

False, in economic terms, land means all naturally occurring resources as well as physical plots of ground.