Short answers, pulled from the story.
In economics, land encompasses all naturally occurring resources, not just geographic territory. This includes mineral deposits, forests, fish stocks, atmospheric quality, geostationary orbits, and portions of the electromagnetic spectrum. The defining characteristic is that the supply of these resources is fixed.
The three factors of production are land, capital, and labor, sometimes called the three producer goods. Natural resources, which fall under land, are considered fundamental to the production of all goods, including capital goods.
Economic rent is the income derived from the ownership or control of natural resources. It accrues to whoever holds title to land or a natural resource, not as a reward for producing something but simply for holding the asset.
Georgists argue that because land has a perfectly inelastic supply, a land value tax would not affect the opportunity cost of using land. It would only reduce the value of owning land, allowing rent to be recovered for public purposes without distorting productive use.
In the United Kingdom, the non-produced asset of land accounts for 51 percent of the country's total net worth. This figure implies land plays a more critical role in the economy than all accumulated capital.
Cambridge's study of land economy traces to 1917, when William Cecil Dampier suggested the creation of a school of rural economy at the university. The field combines economics with law, business regulation, surveying, and the built and natural environments.