Land (economics)

Land in economics comprises all naturally occurring resources whose supply is inherently fixed (i.e., does not respond to changes in price), such as geographical locations (excluding infrastructural improvements and "natural capital", which can be changed by human actions), mineral deposits, and even geostationary orbit locations and portions of the electromagnetic spectrum. In classical economics it is considered one of three factors of production (along with capital and labor). Income derived from ownership or control of natural resources is often referred to as rent.
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