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The recent pandemic and the economic downturn it created forced governments, businesses and
consumers to reconsider how they approached economic sustainability. Thankfully, there are
easy ways to encourage sustainable economic practices. The hardest part is getting all parties
involved to change their mindsets when it comes to how to manage resources, how to operate
businesses and what to prioritize at the government levels. The following are five sustainable
economic practices worth considering.
1. Microfarming
As America became more industrialized, more people began to work outside of the home to
make a living. This has left little time for sustainability efforts, such as growing food and
harvesting water. Consequently, people outsourced these activities to supermarkets and
municipalities. Microfarming brings people back to their roots by encouraging small-scale
farming at home. Forbes believes that when cities produce their own foods via microfarming, it
reduces the demand for and the environmental impact of bringing food in from rural areas.
One movement that is often roped in with microfarming is tiny home living. Whether people
build a tiny home by hand or commission local contractors to build one, tiny homes allow people
to have a much smaller footprint. One high-sustainability note is that tiny home dwellers often
live completely off the grid by sourcing energy from the sun and harvesting rainfall for water.
Tiny homes also provide a lower economic burden than a full-size home and often even offer the
perk of mobility.
3. Upcycling
Another movement tiny home dwellers become associated with is upcycling. This involves
sourcing materials headed for landfills and repurposing them to make them useful again.
Upcycling efforts can range from turning old shoes into garden pots to reclaiming old cabinetry
for fitting out a brand new kitchen. Many companies have built an entire business model on
sustainability by upcycling former waste products.
The economic landscape is constantly changing, and the skill sets necessary for employability
change with it. When governments and businesses invest in human capital, they help reduce the
likelihood of skill gaps in the future. Human capital investment can range from companies
training lower-level workers for higher-paying jobs to governments subsidizing tertiary
education to make it more affordable. Inc. magazine identifies the following benefits at the
company level:
Unfortunately, many people and organizations remain resistant to change and sustainability
efforts. Even when people want to change, change can be expensive. For instance, the initial
investment for solar power or purchasing an electric vehicle can be cost-prohibitive for many
individuals. Economic incentives at the private and government levels help to reduce the burden.
Here are some examples of this:
There are many simple steps we can all take toward economic sustainability. All it takes is a little
creativity and the willingness to change what we have begun to accept as normal socioeconomic,
agricultural and political standards.
Sources:
1. https://abcnews.go.com/Business/living-tiny-home-benefits-drawbacks/story?
id=17742823
2. https://www.forbes.com/sites/scottbeyer/2019/11/25/modular-micro-farms-a-new-
approach-to-urban-food-production/#3a9f58da2e9e
3. https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/how-
to-make-money-recycling
4. https://www.energy.gov/sites/prod/files/2020/01/f70/Guide%20to%20Federal%20Tax
%20Credit%20for%20Residential%20Solar%20PV.pdf
5. https://ww3.arb.ca.gov/msprog/lct/cvrp.htm
6. https://www.inc.com/chad-halvorson/5-reasons-you-should-be-investing-in-employee-
development.html
Tagged environmental impacthuman capital investmentmicrofarmingmonetary
incentivessustainable economicstiny homesupcycling
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It, therefore, means all the free gifts of nature. These natural gifts
include: (i) rivers, forests, mountains and oceans; (ii) heat of sun,
light, climate, weather, rainfall, etc. which are above the surface of
land; (iii) minerals under the surface of the earth such as iron, coal,
copper, water, etc. According to Marshall, “By land is meant…
materials and forces which nature gives freely for man’s aid in land,
water, air, light and heat.” Therefore, land is a stock of free gifts of
nature.
Characteristics of Land:
Land possesses the following characteristics:
2. Fixed Quantity:
The total quantity of land does not undergo any change. It is limited
and cannot be increased or decreased with human efforts. No
alteration can be made in the surface area of land.
3. Land is Permanent:
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All man-made things are perishable and these may even go out of
existence. But land is indestructible. Thus it cannot go out of
existence. It is not destructible.
6. Land is Immovable:
It cannot be transported from one place to another. For instance, no
portion of India’s surface can be transported to some other country.
Related Articles:
1. The Concepts of Rent for the Use of Land
2. Labour: Meaning and Characteristics | Economics
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But to acquire land no human efforts are needed. Land is not the
outcome of human labor. Rather, it existed even long before the
evolution of man.
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3. Difference in Fertility:
All lands are not equally fertile. Different patches of land have
different degrees of fertility. Some locations are very fertile and have
very good agricultural productivity, whereas some patches are totally
barren and nothing can be grown there. Similarly, the degree of
richness of mineral wealth varies from place to place, making the land
more useful or less useful from economic point of view.
4. Indestructibility of Land:
Land is an indestructible factor of production. Man can change only
the shape of a particular location and composition of its elements, but
as such land cannot be destroyed. It can either be converted into a
garden or to a forest or to an artificial lake. However, some parts of
land get eroded due to natural factors, but that is immaterial because
overall availability of land does not change.
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5. Immobility:
Unlike other factors, land is not physically mobile. It is an immobile
factor of production, as it cannot be shifted from one place to another.
It lacks geographical mobility. Some economists, however, describe
land as a mobile factor on the argument that it can be put to several
uses.
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Functions of Land:
The primary occupations are agriculture, dairying, animal husbandry
and poultry farming. These essential activities are not possible without
land. Manufacturing industries depend totally on land for raw
materials. Land provides minerals, metals and many raw materials
like cotton, jute and sugarcane which are used to create other essential
products.
1. Primary Occupation:
All primary occupations like agriculture, animal husbandry, poultry
farming, fisheries, dairying, forestry, etc. are land oriented and are
also known as primary activities.
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2. Basis of Industries:
Manufacturing industries get diverse type of raw materials from land,
namely, raw cotton, sugarcane, raw jute, coal, minerals and metals,
etc.
3. Basis of Power:
All sources of power, i.e. hydro-electricity, thermal power, diesel, coal,
oil, etc., emanate from land.
4. Basis of Employment:
In underdeveloped countries nearly two-third of population is engaged
in agriculture and other primary activities. Agriculture, forests, mines,
etc., provide lot of employment opportunities to rising population.
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5. Basis of Transport:
All the important modes of transport, i.e., road, railways, waterways
and air-ways are mainly based on surface of the land, rivers, oceans
and air, which are all constituents of land.
6. Basis of Trade:
Products of land are traded within the country and also form part of
foreign trade. Products like food grains, minerals, metals, timber,
leather, hides and skins, wool, tea, jute, petroleum, milk, butter, etc.,
are tradable products of land.
7. Basis of Economic Growth:
A natural resource, that is land, play an important role in the
economic development of a country. Prosperity of gulf countries lies in
the oil-wells found there. Economic development of South Africa is
mainly due to its fertile land, irrigation and power facilities. All these
are different facets of land.
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8. Basis of Life:
We depend on land for our subsistence, residence and other
necessities of life. Land provides food, raw materials and shelter.
Importance of Land:
Land is considered the primary factor of production. Land is rich in
coal, water and petroleum, which are used for generating power. Land
is required to construct factories and industries to carry out the
production process. Land is of great importance to mankind. A
nation’s economic wealth is directly related to the richness of its
natural resources.
In spite of rich natural resources, a country may remain economically
backward due to some unfavorable factors on account of which the
natural sources are either underutilized or not utilized. On the other
hand, if a country does not have rich natural resources, it is
comparatively much more difficult to make it prosperous.
The quality and the quantity of agricultural wealth of a country depend
on the type of soil, climate, rainfall and water resources. The industrial
progress and prosperity of a nation depends on mineral resources. The
presence of rich coal mines, waterfalls or petroleum wells directly help
in the generation of electric power, which is a key factor for industrial
development.
The localization of industries invariably depends on proximity of
power and raw materials. All these basic elements are provided by
nature.
An example can emphasize the importance of land. In recent past, in
spite of having enough capital, labor and efficient organization, TATA
Motors were unable to start their Nano car project at Singur, West
Bengal, due to the dispute over land possession.
In short, the importance of land is evident from the
following points:
1. Land determines agricultural production.
2. The industrial progress and prosperity of a country depends on
availability of mineral resources, i.e., land.
3. Land determines total production of a country.
4. Land influences the economic growth of a country.
5. Land maintains ecological balance.
6. Land directly or indirectly fulfills the basic needs of the people.
7. Trade is influenced by land.
Therefore, all economic aspects, i.e., agriculture, industry and trade
are influenced by natural resources, referred by economists as ‘Land’.
Productivity of Land:
Productivity of land refers to extent of efficiency. The
productivity of land can be expressed by following
measures:
1. Average Productivity of Land:
Average productivity of land is defined as the output obtained from
land divided by area of that piece of land.
On this page
Employment
Gross state product
Economic output
Economic growth
Personal income/earnings
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Models try to be representative of the real world but do not fully capture all of
the details and dynamics that exist in the complex economic system.
Different types of economic models or approaches – each designed for different
inputs and with different strengths and weaknesses – can be useful for
answering different types of questions.
Uncertainties are inherent in model formulations, model data, and many of the
assumptions and inputs made in modeling that will affect the results.
Recognizing their limitations, economic models are useful in enabling policy–makers
to explore how the complex economic system is likely to respond to climate change
mitigation options and to ensure that the potential impacts are consistent with the
overall state goals and priorities. More details are available on assessing the economic
benefits of clean energy initiatives in Chapter 5 of Assessing the Multiple Benefits of
Clean Energy: A Resource for States.
Sample questions for states to consider when planning an economic
analysis of mitigation options:
Does the analysis include both the costs and benefits of taking a particular
course of action?
What type of model or approach was used? For example:
o Was it a rule-of-thumb estimate or a sophisticated modeling exercise?
o Was the model dynamic or static?
o How rich is the energy or other sector representation (i.e. how many fuel
options or technologies does it include)?
o Is the data in the model state-specific?
o Does the model treat policies as a one-time shock to the economy or
does it allows agents in the model to anticipate future policies and
change behavior accordingly?
Were the assumptions reasonable and objective? For example:
o How were the costs and benefits determined?
o How or do prices change over time?
o Does the analysis include the opportunity cost of the investment?
o How was autonomous technological change represented in the model?
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Jamie Birt is a career coach with 5+ years of experience helping job seekers navigate
the job search through one-to-one coaching, webinars and events. She’s motivated by
the mission to help people find fulfillment and belonging in their careers.
Employees may experience periods of time where they are not as productive as
usual. A decrease in productivity can sometimes affect other team members and
overall goals, making it important to help employees feel motivated.
Managers who consistently review processes and procedures within the company
can increase efficiency. Perform a workflow analysis to review your current
systems and restructure weak areas. Another way to address this challenge is by
asking questions and offering solutions to their problems. One-on-one meetings
provide a great opportunity for managers to reestablish work hours and
expectations regarding work productivity.
2. Being understaffed
Managers must recognize when it's time to hire another team member to help
fulfill responsibilities within their department. Because the hiring process is time-
consuming, it's helpful to get assistance from other managers and human
resources professionals when pursuing a new candidate.
If needed, ask for help when creating a job description, interviewing applicants
and selecting the right person for the desired role. Consider having applicants
complete a sample work test to help you determine the best fit for your team.
3. Lack of communication
Sometimes, employees may lose focus on collaboration when they spend a lot of
time completing individual tasks. To re-establish teamwork, managers should
revisit the purpose of a project. Managers who take the time to acknowledge their
team's efforts and clarify the purpose of their work commonly see increased levels
of motivation.
Consider dividing your team members into partners so they have a chance to work
with someone for a specific project. Team-building exercises are another great way
to help everyone learn how to work better together. Base the content of your
exercises around the challenges your team faces. For example, if they need to get
to know each other better, focus on relationship building.
5. Pressure to perform
Some managers, especially new managers, to feel like they are under pressure to
achieve greatness from the very start of their role. If you frequently feel stressed
about your leadership position, take time to revisit the reasons why you were hired
for the job. Recognize that leaders learn from experience and mistakes. While
planning helps, you will likely face unexpected situations. The way that you choose
to resolve conflicts and react to challenges reflects your ability to lead.
6. Absence of structure
Take time to develop an organizational structure that helps employees know what
you expect of them. In addition, show your team respect to encourage loyalty.
7. Time management
Because managers are responsible for overseeing the members of their team and
communicating with other department heads, they typically struggle with
balancing their own tasks. One way to prioritize your own work responsibilities is
by scheduling time throughout the day to do specific work. Let your team know
the times you'll be available to them and the times you plan to focus on your work.
Regularly update your calendar, and share it with team members so they know
when they can reach you.
8. Inadequate support
Managers sometimes need approval from the executive team of a company or the
business owner before moving ahead with a project. When the decision-making
process takes longer than expected, it may slow down their team's progress
overall. The most important thing to do in this situation is to be honest with your
team members. Let them know that you are waiting for information from the
executive team, and if possible, allow them to work on other projects. Try to
arrange for a one-on-one with the decision-maker to expedite progress.
9. Skepticism
Teams often question the transparency of management when they feel distanced
from their supervisors, especially if certain employees feel like they are doing more
work than others. When people feel they are not part of the plan, their level of
trust becomes compromised. Clear communication and honest interactions help
resolve skepticism in most instances because it builds trust between an employee
and manager. When you delegate tasks, explain why you assigned it and how it
contributes to the overall goal.
Implement any feasible suggestions to show you're listening to your team. Take
time to listen to their concerns and find out what you can about the situation. If
you're unsure of what to do next, consider enlisting the support of an HR
professional in your company. Their training supports conflict resolution and other
aspects of employee relations.
People who get promoted at work often find themselves managing old coworkers.
This situation may feel awkward at first, but with time and the right leadership, it
may become less of an issue. Ensure team members that you're there to support
their efforts and ensure they have everything they need to accomplish their goals.
It may help to have a meeting shortly after the transition where you address the
change in roles and allow your team members to ask any questions.
When teams feel like they're not connected with the rest of the workplace, they
could experience a decrease in motivation. Teams that feel they are part of a
larger group, experience more confidence and trust. One way to promote a strong
work culture is by planning lunch outings and rewarding employees who exceed
expectations.