Meaning and Characteristics of Land

What is Land?

Land is the uppermost layer of the earth’s crust on which agricultural and non-agricultural activities are carried out.

Characteristics of Land:

1. It is a natural gift.

2. It can appreciate in value.

3. It is immobile.

4. The reward for land is rent.

5. It can be used as collateral to collect loans from banks and other financial institutions.

6. Its value is determined by its location.

7. Its suitability influences output.

8. It is a non-wasting asset.

9. It can be used for various purposes.