665 B
665 B
Natural Produce of Land
Definition
The resources and products that grow or exist naturally on land without human cultivation, such as wood from forests and grass from fields. These become subject to rent once land is privatised.
Source Chapter
Book I, Chapter 6
Context
Used to illustrate how rent emerges as a component of price. Smith explains that when land becomes private property, landlords demand payment even for resources that previously cost only the labour of gathering them.
Economic Domain
Production