Answer:
In economics, land is considered a factor of production, similar to labour, as one of the crucial elements in creating goods and services. Land resources, specifically, are raw materials in the production process, such as trees, oil, and metals. The law and economics movement applies economic theory and methods to the practice of law. It asserts that the tools of economic reasoning offer the best possibility for justified and consistent legal practice. It is arguably one of the dominant theories of jurisprudence.