WAEC Economics 2017 Theory — Question 8

Question 8 of 23 from the West African Examinations Council (WAEC) Economics 2017 Theory paper, with the correct answer and a full explanation.

3(a) Define land as a factor of production.

Model answer

Land can be defined as a factor of production which has fixed quantity and is naturally available for exploration of resources, with rent as its reward.

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