About Lesson
Land
Land, as ordinarily understood, refers to the earth’s surface. But in economics, the term land is used in a very wider sense. Marshall defined land as “the materials and forces which nature gives freely for man’s aid in land and water, in air and light and heat”. Land refers to those natural resources that are useful and scarce. In other words, land stands for all-natural resources, which yield an income or have an exchange value.