Land (economics) in the context of "Economic activity"

Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) is a social science that studies the production, distribution, and consumption of goods and services.

Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and investment expenditure interact; and the factors of production affecting them, such as: labour, capital, land, and enterprise, inflation, economic growth, and public policies that impact these elements. It also seeks to analyse and describe the global economy.

In political philosophy, the means of production refers to the generally necessary assets and resources that enable a society to engage in production. While the exact resources encompassed in the term may vary, it is widely agreed to include the classical factors of production (land, labour, and capital) as well as the general infrastructure and capital goods necessary to reproduce stable levels of productivity. It can also be used as an abbreviation of the "means of production and distribution" which additionally includes the logistical distribution and delivery of products, generally through distributors; or as an abbreviation of the "means of production, distribution, and exchange" which further includes the exchange of distributed products, generally to consumers.

The concept of "Means of Production" is used by researchers in various fields of study — including politics, economics, and sociology — to discuss, broadly, the relationship between anything that can have productive use, its ownership, and the constituent social parts needed to produce it.

Factor income (also called primary income and earned income) is the flow of income that is derived from the factors of production, i.e., the general inputs required to produce goods and services. Factor income on the use of land is called rent, income generated from labor is called wages, and income generated from capital is divided between profit for equity owner and interest for creditor. The total amount of factor income received by the residents of a country is referred to as the national income, while factor income and current transfers together are referred to as disposable income.

In contemporary national accounting, Indirect taxes minus subsidies are treated like factor income despite not meeting the definition. In earlier system like the 1953 SNAdefined to concept of GDP : the sum of all factor income called GDP at factor cost, and the sum of all expenditure called GDP at market price. (GDP at market price = GDP at factor cost + Indirect taxes minus subsidies). Factor cost measured have being abandoned by the SNA.

Agribusiness is the industry, enterprises, and the field of study of value chains in agriculture and in the bio-economy,in which case it is also called bio-business or bio-enterprise. The primary goal of agribusiness is to maximize profit while satisfying the needs of consumers for products related to natural resources. Agribusinesses comprise farms, food and fiber processing, forestry, fisheries, biotechnology and biofuel enterprises and their input suppliers.

Studies of business growth and performance in farming have found that successful agricultural businesses are cost-efficient internally and operate in favourable economic, political, and physical-organic environments. They are able to expand and make profits, improve the productivity of land, labor, and capital, and keep their costs down to ensure market price competitiveness.

In economics, distribution is the way total output, income, or wealth is distributed among individuals or among the factors of production (such as labour, land, and capital). In general theory and in for example the U.S. National Income and Product Accounts, each unit of output corresponds to a unit of income. One use of national accounts is for classifying factor incomes and measuring their respective shares, as in national Income. But, where focus is on income of persons or households, adjustments to the national accounts or other data sources are frequently used. Here, interest is often on the fraction of income going to the top (or bottom) x percent of households, the next x percent, and so forth (defined by equally spaced cut points, say quintiles), and on the factors that might affect them (globalization, tax policy, technology, etc.).

The homestead principle is the principle by which one gains ownership of an unowned natural resource by performing an act of original appropriation. Appropriation could be enacted by putting an unowned resource to active use (as with using it to produce some product),joining it with previously acquired property, or by marking it as owned (as with livestock branding).

Natural resource management (NRM) is the management of natural resources such as land, water, soil, plants and animals, with a particular focus on how management affects the quality of life for both present and future generations (stewardship).

Natural resource management deals with managing the way in which people and natural landscapes interact. It brings together natural heritage management, land use planning, water management, bio-diversity conservation, and the future sustainability of industries like agriculture, mining, tourism, fisheries and forestry. It recognizes that people and their livelihoods rely on the health and productivity of our landscapes, and their actions as stewards of the land play a critical role in maintaining this health and productivity.