Meaning of Land:

The term land mean the surface of the earth of soil in ordinary term .but in economic the term lands means not only soil but also all other natural resources available to a man for the production of wealth for example water, sunlight, minerals, natural vegetation ,animals etc. The properties of land are free gift, limited, permanent Etc.

Properties of land:

1. Free gift of nature: land is a free gift of nature it cannot be created by man
2. Limited in area: land is limited in area in other words the total land surface is fixed it cannot be increased or decrease by man.
3. Indestructible or permanent: land is permanent that is it cannot be destroyed by man even the fall in the production of fertility of land is only for sometimes soon land get back its fertility.
4. Immobile: land is immobile it cannot be shifted or moved physically from one place to another for example the surplus land of the thinly populated Australia cannot be shifted to densely populated great Britain. Similarly the coal mines of Bihar cannot be shifted to Karnataka.
5. Varies in qualities: land is not uniform in quality or fertility. Land differs in quality as well as fertility no 2 pieces or plots of land are uniform in fertility.
6. Value differs: the value of land differs from one locality to another locality for example densely populated city comments high value on the other hand a land in a thinly populated rural areas command low value. similarly a land located near railway station a bus stand commands higher value than a land located  in the interior far away from the railway station or the bus stand.
7. Inactive factor of production: land is an inactive factor of production in the sense that land cannot produce anything by itself
8. Primary factor of production: land is the primary factor of production in the sense that all kinds of activities have to be undertaken under land.
9. Subject to law of diminishing returns: the yields of land are subject to the law of diminishing return. In other words application of more and more units of labor and capital to the same piece of land results in less than proportionate increase in production.

Meaning of Labor:

In the Common language the term labor means any physical or manual work done by an unskilled worker. In economics the term labor is used in a wider sense, according to Evelyn Thomas,” labor includes all manual and mental efforts undertaken for a reward.”

Properties of labor:

1. Inseparable: labor is inseparable from the laborers. So that laborers has to deliver his labor in person.
2. Sells only his labor: a labor only sells his labor only, but not himself according to Marshall the worker sells his work but he himself remains his own property. Perishable: labour is perishable that is labour cannot be preserved or store so a day labour lost his lost forever.
3. Human: labor is human a labor  can has feeling, likes and dislikes so he cannot work like machine further labor needs a  healthy  surroundings, rest and recreation and good
4. Inelastic supply: the supply of labor is relatively inelastic at a particular point of time. this is because the supply of labor always depends upon the size of population which cannot be increase or decrease quickly
5. Active factors of production: labor is an active factor of production since it can act and produce on its own.
6. Beginning and end of production: labor is both the beginning and end of production. Since production begins with labor and ends with labor that is production is undertaken with the help of labor and produce goods are ultimately consumed by labors.
7. Efficiency: labor differs in efficiency all the labor do not have the same efficiency some are more efficient another are less efficient. this is because some are strong and healthy while others are weak and unhealthy some are intelligent while  others are dull. Some are educated and while others are illiterate and untrained.
8. Less mobile: labor is less mobile then capital, labor moves slowly between occupation and between places. Professor Marshal had lightly remark labor is most difficult commodity to be transported. This is because of the differences in language, religion, culture, sentiments, likes and dislikes of the laborers.
9. Weak bargaining power: a labor is highly perishable it has week bargaining power individually a worker cannot bargain with his employee for higher wages or better working conditions however collectively workers can increase their bargaining power through Trade union
10. Supply is independent of demand: supply of labor is almost independent of the demand for it .that means the supply of labor cannot be easily increased or decrease in accordance with the changes in demand for it.

also read: explain the features and types of want.