LAND
Land refers to where productive activities such as growing crops, rearing of animals and establishing farmsteads, etc, are carried out.
Features of Land
- Land is one of the factors of production.
- Land is a gift of nature or a natural resource.
- It is immobile and a fixed factor.
- It is subject to the law of diminishing returns.
- Land also includes soil, minerals, water and vegetation.
- The reward for land is rent collected from tenants.
- Availability is subject to the Land Use Act in Nigeria.
- It can be used as collateral for loans.
- It is limited in supply, especially in highly populated areas.
- Its suitability influences output.
- Its quality can be improved by various methods.
- Its value is determined by its location.
- Land can appreciate or depreciate.
Importance of Land in an Agricultural Enterprise
- Land is used for the cultivation of food crops such as maize, rice, cowpea, etc.
- It is also used for the cultivation of cash crops, e.g., cocoa, rubber, oil palm, etc.
- It is used for the rearing of animals.
- It is used for forest development.
- It is used for fish pond development.
- It is used for wildlife conservation
- Land is used as collateral for securing loans from banks.
Questions:
1What is land?
2. State five features of land
3. The reward of land?
See also