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One of the most fundamental concepts of economics is demand and supply. Economists
defined demand as the quantity of goods consumers want and are willing to buy, while supply is
the amount of resources at ones disposal. In land economics, these goods and resources
refers to land and products derived from it. Land economics is concerned with mans economic
use of the surface resources of the earth and the physical and biological, economic, and
institutional factors that affect condition, and control of his resources (Barlowe, 1987). Land can
be defined from different point of views. For the purpose of this discussion, land will be viewed
economically as resource, space, property, factor of production, consumption good, and capital.
Demand for Land
Demand is the amount of good and services consumers are willing to buy at a given
price over a specific period of time. Similarly, land demand refers to the amount of land and/or
land products that individuals or firms are willing to buy at a certain price. However, Barlowe
(1978) pointed out that few people wanted real estate for its own sake; rather man demand for
land mostly because of the products can produce to secure his survival. This makes demand for
land a derived demand as it serves as an intermediate good to mans ultimate demand for
crops, shelter, space for employment, recreation and business.