ICSE Class X Economics 2019 Solved Papers

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Question : 17
Total: 40
What is land in Economics?
Solution:  
In economics, the word 'land' is defined to include not only the surface of the earth but also all other free gifts of nature. For instance mineral resources, forest resources etc and indeed anything that helps us to carry out the production of goods and services, but is provided by nature free of cost. In fact, 'Land is stock of free gifts of nature.'
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