land

Generalized economists' term or label to cover all those factors of production that are still in their raw state (or nearly so) -- that is, that have not yet been worked on or transformed by human labor [See: human capital]. Thus, "land" in the economists' sense means not only the dry portion of the earth's surface, but also all those natural resources such as mineral deposits, wild plants and animals, soil fertility, surface water, solar energy and the bounty of the seas that can be used in production.

[See also: factors of production, rent, resources]