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In Economics, the word ‘land’ is used not merely in the sense of the soil or surface of the earth as is ordinarily understood. It stands for all nature, living and lifeless. It includes all natural resources that we can get free from air, water and land. It covers the land surface, whether level or mountainous. It includes oceans, lakes and rivers, mineral deposits, rainfall, water-power, fisheries, forests and numerous other things which nature provides and man uses. The term ‘land’ thus embraces all that nature has created on the earth, above the earth, and below the earth’s surface. Dr. Marshall has therefore defined land thus: “By land is meant not merely land in the strict sense of the word, but whole of the materials and forces which nature gives freely for man’s aid in land, water, in air and light and heat.”
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