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Q.

Which among the following factors of production is fixed and scarce?

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a

Capital

b

Land

c

Labour

d

Enterprise

answer is B.

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Detailed Solution

Land is the factor of production which is fixed and scarce.
Land includes all natural resources that are either above, below, or on the surface of the earth. The land is used to produce goods. It is the primary and organic component of production. There are no production costs associated with the land. It isn't able to move. The land is fixed in that its overall supply cannot be increased or decreased. Because it is difficult to categorize land as renewable or nonrenewable, it is a scarce resource. They regenerate slowly in general, but their rate of degradation far outpaces their natural rate of regeneration.

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