Students should be able to:

  • Define land as an FOP
  • Give examples of land
  • State how they contribute to the production of wealth
  • Explain the economic characteristics of land
  • Explain why land is a unique factor of production
  • Explain why the demand for land is a derived demand
  • Illustrate and explain the concept of economic rent
  • Explain the factors that influence the price paid for land
  • Describe the factors that determine the location of a factory
  • Explain the factors leading to the price of property increasing/decreasing in Ireland