What does the term "Land" refer to in the context of the Agents of Production?

In the context of the Agents of Production, the term "Land" encompasses a broad definition that includes not only the physical ground but also the airspace above it and the natural resources that are either on the earth’s surface or beneath it. This definition recognizes that land is a foundational element in the production process, providing a base for all economic activities. It includes soil, minerals, water resources, forests, and any other natural features, making it essential for agriculture, construction, resource extraction, and other forms of development.

This comprehensive view of land highlights its intrinsic value and the multitude of resources that can be derived from it, which are vital for various industries. Understanding land in this way allows appraisers and economists to evaluate not just the physical property but also the potential for economic development and production that the land can support.