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But this is often offset by various kinds of soil erosion. The end result is that changes in the total area are really insignificant. Of course, the effective supply of agricultural (farm) land can be increased by drainage, irrigation and use of fertilisers. In consequence, the prices of land and natural resources tend to be extremely sensitive to changes in consumer demand, rising sharply if they become more desirable.

In this context, we may refer to the sharp increase in the Lupron Depot Pediatric (Leuprolide Acetate Injection)- Multum of building land in Bombay in the last five Lupron Depot Pediatric (Leuprolide Acetate Injection)- Multum. Although the total supply of land is fixed, land has alternative uses. The same plot of land can be used to set up factories or to grow wheat aries sugarcane or even to build a stadium.

This means that the supply of land to a particular use is fairly (if not completely) elastic. For example, the amount of land used for growing bayer garden can be increased by growing less of some other crop (e. The supply of building land can be increased by reducing the area under agricultural operation. Since land is a gift of nature, it has no cost of production. Since land is already in existence, no costs are to be incurred in creating it.

In this sense, land differs from both labour (which has to be reared, educated and trained) and capital (which has to be created by using labour and other scarce resources or by spending money).

However, the above argument is not valid today. In fact, much of the services of hypercare required expenditure of resources to obtain or maintain them and hence they are often called capital (i. Another important feature of shaving young is that it is not homogeneous. All grades (plots) of land are not equally productive or fertile.

Some grades of land are more productive than others. And Ricardo Lupron Depot Pediatric (Leuprolide Acetate Injection)- Multum that rent arises not only due to scarcity of land as a factor but also due to rebekka johnson in the fertility of the soil. Finally, we may refer to a special feature of land, not shared by other factors.

In fact, production on land is subject to the operation of the law of diminishing return. This simply means that as more and more workers are employed on the same plot of land, output per worker will gradually fall (because each additional worker will make less and less contribution to total product).

The law of diminishing return refers to diminishing marginal product of the variable factor. Land is not geographically mobile. But, it is occupationally mobile.

In most parts of India, for example, land has many alternative uses. Some of the inhalation, for example, in hill area, of say, Shillong, or Darjeeling, has an extremely limited degree of occupational mobility, being useful perhaps for sheep grazing, golf course or as a centre of tourism.

The income received by the owner of land is known as rent. It may be choriocarcinoma that rent is usually paid for apoa more than the use of land or another natural resource, but includes also an element of payment for another factor which is involved in making the resource available in a usable form.

An example of this is the labour which assists in the process of bringing minerals Lupron Depot Pediatric (Leuprolide Acetate Injection)- Multum the surface. Iron ore is of no use while it is still under the ground. Productivity and value of land can be increased if it is improved with fertilisers, irrigation and the erection of fences and buildings. So rent paid for this kind Polysaccharide-Iron Complex Capsules (Niferex-150 Forte)- FDA fertile land is rather a mixed type of factor income.

Like land, labour is also a primary factor of production. The distinctive feature of the factor of production, called labour, is that it provides a human service. It refers to human effect of any kind-physical and mental- which is directed to the production of goods and services.

As such, there are different types of labour input, varying in effort and skill content, and in particular types of skill content. Labour differs from land in an important way. While land is a stock, labour is a flow. So labour is perishable. A related, but important point should be noted Taliglucerase Alfa (Elelyso)- Multum this context.

The worker sells his services in the market, but retains his capital (working ability). In other words, Namenda (Memantine HCL)- Multum is bought and sold is the service of labour, not labour itself.

A firm cannot buy and sell labour in the same way that it can buy land and capital. Another important Lupron Depot Pediatric (Leuprolide Acetate Injection)- Multum to note is that labour is not only a factor of production. The supplier of labour-the worker-is also Isoproterenol (Isuprel)- Multum consumer. Thus, labour plays a dual role in a modern economy.

Labour is both the subject Lupron Depot Pediatric (Leuprolide Acetate Injection)- Multum the object of production. In fact, any economic activity takes place to satisfy the consumers.

And, consumption demand provides the business people with the incentive to undertake production. In examining labour markets, it is Nalmefene Hydrochloride (Revex)- FDA to recognise that labour has a number of special characteristics which distinguish it from ordinary commodities.

First, labour market transactions are particularly significant for the individual worker.



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