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This purchase best represent land, as the factors of production
Land as a factor of production has a broad meaning and can take difference forms, from agricultural land to real estate to the available resources from a certain pieces of land.
<h2>Further Explanation</h2>
Land represents all natural resources available to create supply. Land includes raw property and anything that emanates from the ground. It can be a non-renewable or renewable resource. Non-renewable resources include commodities such as gold and oil and renewable resources such as timer.
All this becomes capital goods when it is changed from its original condition. For example, farm land is considered to be natural resources, but a mall or shopping center built on it is a capital good. Also the cultivation of crops on land improves its utility and value. In short, the primary purpose of land is to generate economic value.
Although, land as factor of production, is very essential part of many ventures. Its value can increase or diminish depending on the industry. For example, the most important investment in real estate business is land but land might not be an important investment in a technology company
The three other factors of production are labor, entrepreneurship and capital. These factors are needed mainly for supply. They are responsible for the production of goods and services in any economy.
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KEYWORDS:
- land
- capital labor
- value
- agricultural land
- goods and services
Answer:
The UN predicts we will be 9-10 billion people on Earth in 2050. Providing so many people with nutritious foods is a massive challenge and one that cannot be met by simply upscaling current practices regarding food production and consumption. Providing humanity with nutritional food is at the center of all decisions related to sustainable development.
Explanation:
The UN predicts we will be 9-10 billion people on Earth in 2050. Providing so many people with nutritious foods is a massive challenge and one that cannot be met by simply upscaling current practices regarding food production and consumption. Providing humanity with nutritional food is at the center of all decisions related to sustainable development.
Religion has dominated politics in the Middle East for centuries, and plays a significant role