Definition of production and land
Definition of production
1) prof. Adam Smith: " production is creation of physical assets. "
2)Alfred Marshall: " production is creation of utilities. "
3)prof. Mayers : "Any action undertaken for the exchange of goods and services. "
Land:
Definition:
In ordinary language, land refers to the surface of the earth. But in,economics, land refers to " Anything which is a free give of nature. " In this sense air, water, sunshine, climate, mountain, ocean, gold, petrol, etc. Including surface of the earth are all considered to be land. (Alfred Marshall)
1) prof. Adam Smith: " production is creation of physical assets. "
2)Alfred Marshall: " production is creation of utilities. "
3)prof. Mayers : "Any action undertaken for the exchange of goods and services. "
Land:
Definition:
In ordinary language, land refers to the surface of the earth. But in,economics, land refers to " Anything which is a free give of nature. " In this sense air, water, sunshine, climate, mountain, ocean, gold, petrol, etc. Including surface of the earth are all considered to be land. (Alfred Marshall)
No comments