Population development, developmental activities and urbanization have led to radical changes in the land use pattern of the country. In classical economics, the three elements of production are land, labour, and capital. Land was thought of to be the “original and inexhaustible present of nature.” In trendy economics, it is broadly defined to incorporate all that nature provides, including minerals, forest merchandise, and water and land sources. While many of these are renewable assets, nobody considers them “inexhaustible.” The fee to land is called rent.
Category: Land