Importance of land as a factor of production

[Phabbyfundz]

I would like to state that go any business, company or enterprise to flourish and blossom there must be availability of land. In this context availability of land doesn't only mean acquiring a land or leasing a property or even starting your own building but land in this context means the area of land or space or the environment in which your business or company is situated or located as the case may be.
The importance of land cannot be overemphasized as it serve the purpose of where you get your customers and the place your business or company I'd situated or located determines that type of customers or consumer base you have.
If your business or company is at the wrong location no matter the amount of publicity you make you won't have the good amount of patronage your business needs to thrive.

 

[AfriPeeps Official]

Depending on the type of business you want to start, land can be very essential and at the same time not compulsory. There are some business you can do even on a rented land, meanwhile there are some business that doesn't suit a rented land only personal or purchased land.

 

[btaliat]

Land can not be overemphasized when we are talking about factors of production. Land is a natural gift of nature that covers even the water bodies. Whether rented, inherited or bought, its reward is rent. And all the productions of goods and services are performed on the land. That's why it is one of the most important factors of production.

 

[Abigael]

That is so true and it is the biggest importance of land as a factor of production. The location of your business matters alot as it is through it that your customers will reach out to you. So you should first start by identifying your target audience then you place your business where they are most populated.

 

[Alexandoy]

As I had posted in another of your thread where I mentioned the Land, Labor and Capital as the essential elements of an industry, yes, land is there. A factory, a farm or a simple store needs a location which can be rented. That location is the land. Now the e-commerce also has a location which is the website. That is considered the land regarding the elements of an industry.