Land in economics comprises all naturally occurring resources whose supply is inherently fixed (i. Economics is the social science that studies the production distribution, and consumption of goods and services. e. , does not respond to changes in price), such as at 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. Infrastructural capital refers to any physical Means of production or Means of protection beyond that which can be gathered or found directly in nature Natural capital is the extension of the economic notion of capital (manufactured means of production to environmental goods and services An ore is a volume of rock containing components or Minerals in a mode of occurrence that renders it valuable for mining A geostationary orbit (GEO is a Geosynchronous orbit directly above the Earth 's Equator (0° Latitude) with a period equal to the Earth's The electromagnetic (EM spectrum is the range of all possible Electromagnetic radiation frequencies In classical economics it is considered one of three factors of production (along with capital and labor). Classical economics is widely regarded as the first modern school of economic thought. In economic theory factors of production (or productive inputs) are the resources employed to produce goods and services In Economics, capital or capital Goods or real capital refers to items of extensive value Income derived from ownership or control of natural resources is often referred to as rent. Economic rent is the difference between what a Factor of production is paid and how much it would need to be paid to remain in its current use
Land was sometimes defined in classical and neoclassical economics as the "original and indestructible powers of the soil. Neoclassical economics is a term variously used for approaches to Economics focusing on the determination of prices outputs and income distributions in markets "[1] Georgists hold that this implies a perfectly inelastic supply curve (i. "Georgist" redirects here For the Romanian political group see National Liberal Party-Brătianu. In Economics, elasticity is the ratio of the percent change in one variable to the percent change in another variable Supply and demand is an Economic model describing effects on price and quantity in a Market. e. , zero elasticity), suggesting that a land value tax that recovers the rent of land for public purposes would not affect the opportunity cost of using land, but would instead only decrease the value of owning it. Land value taxation (LVT (or site value taxation) is an Ad valorem tax where only the value of land itself is taxed Opportunity cost or economic opportunity loss is the value of a product forgone to produce or obtain This view is supported by evidence that although land can come on and off the market, market inventories of land show if anything an inverse relationship to price (i. e. , negative elasticity).
Land, particularly geographic locations and mineral desposits, has historically been the cause of much conflict and dispute; land reform programmes, which are designed to redistribute possession and/or use of geographic land, are often the cause of much controversy, and conflicts over the economic rent of mineral deposits have contributed to many civil wars, particularly in Africa. Land reforms (also Agrarian reform, though that can have a broader meaning is an often- controversial alteration in the societal arrangements whereby government
References
- Anthony C. Fisher (1987). "natural resources," The New Palgrave: A Dictionary of Economics, v. The New Palgrave A Dictionary of Economics (1987 is a 4-volume reference edited by John Eatwell, Murray Milgate and Peter Newman 3, pp. 612-14.
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