Building Construction Economics
We will be discussing Inputs into Building Construction in terms of four important factors:
Marshall defines Land “Land means the materials, and the forces which nature gives us freely for the human beings (other creatures as well), in land, in water, in air, light and Heat”.
- Land is nature’s gift
- Land has no supply price (supply remains same) whether price of land is high or low
- Land is permanent (lack of mobility)
- Land lacks mobility in geographic sense
- Provides infinite variation in fertility, utility, situation etc