A property or real estate, buildings and equipment not included, that does not occur in a natural way. Landowners may be given rights in all the natural resources on the land he or she owns, depending on the title, like human and animal life, water, fossils, plants, soils, electromagnetic features, minerals, geophysical occurrences, and geographical location.

It has no cost of production and is considered a major factor of production, aside from labor and capital. Selling land results in either capital gain or less, it depends on the situation.