The law of diminishing returns applies to…………….Land is a factor of production because it( a) is a free gift of nature( b) contains valuable minerals resources (c) assists in the creation of utility (d) is owned by individuals and governments.State three career prospect for the study of economics.Outline at least five characteristics of science used by economics in its field.Highlight the basic concept in Economics.Amplified and simplified Economics for SSS by Femi Longe Chapter 4 Pages 43-44.List the agents / factors of production and give their rewards.What are the economic benefits of land?.It is the host of other factors of production in bringing about meaningful productive activities.Bodies of water such as rivers, lakes and sea which are part of land are used for transportation purposes which aids foreign trade.Different mineral resource such as crude oil, gold, coal, etc are derived from land.It aids production because it is on it that firm, Individual and government built factories, schools, hospitals roads etc.It provides areas for forestry and wild life resources.Agri cultural activities providing food for consumption and raw materials for industrial and exports takes place on land.But as the seventh (7 th) labour is employed, there is a drop in production from 90 t0 84. As more and more labour is employed in every successive round of production, the total output continues to increase from 15 to 32 to 54 to72 and so on. When one labour is employed to work in one hectare farm, 15 tons of yams are produced. Law of Diminishing Returns Table Unit of Land ( Fixed factor ) This Law is highly applicable to the agri cultural and industrial sector of the economy in particular. This law is also called the law of variable proportions and it states that as more and more units of a variable factor (LABOUR) are applied to one or more fixed factor (LAND), output might initially increase significantly but after a point increasing use of such variable factor will yield less than proportionate returns and output will begin to fall. It is subject to the law of diminishing returns.It’s quality and value varies with its location.Land is said to be a passive factor for it is useless without the application of human effort land, sea, river, animals, minerals resources, crude oil, gold, diamond etc. It includes all resources not made by man e.g. Land is a free gift of nature which refers to all those resources that are purely provided by nature but are utilized by man during the production process. As a free gift of nature and its reward is rent. LAND: This is nature`s contribution to production. Cultural Science | Afrilearn” width=”580″ height=”326″ src=” frameborder=”0″ allow=”accelerometer autoplay clipboard-write encrypted-media gyroscope picture-in-picture” allowfullscreen>
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