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Define land Anything provided by nature that helps in the production of output
Name four examples of land Seas/rivers, climate, mineral wealth, physical land
Name 5 characteristics of land Fixed supply. No cost of production. Non specific. Price does not affect quantity. Lack of mobility.
Why is land unique? No cost of production, supply is fixed
Name two qualities of the demand for land It is derived, and dependent on its MRP
To whom does land use go to? Highest bidder
Name 4 factors that affect land price Demand for private houses. Road building. Business demand. Public amenities.
Name 4 reeasons why government intervention is used to regulate land use Planned development. To ensure adequate supply of land. To preserve historical sites. To preserve green areas.
What 5 factors affect factory locations? Wage rates. Land cost. Nature of product. Infrastructure. Government influence.
Created by: JackEatonK98