Final answer:
The value of land with physical differences is determined by the market's reaction, influenced by geographic distribution, access to transportation, and soil quality. Von Thünen's model helps predict land use based on these characteristics. Land development, historical division systems, political and economic factors, and changes in soil profiles also play crucial roles.
Step-by-step explanation:
The value of land or a site with physical differences can be determined by the market's reaction in terms of dollars. This market reaction reflects how the unique characteristics of a piece of land—such as its topography, soil quality, and vicinity to water sources—impact its desirability and therefore its value. Factors like geographic distribution of primary activities, access to transportation, and soil profiles contribute to this valuation process. Johann von Thünen's model, which predicts land use around a central market based on the cost of transport and land characteristics, plays a vital role in understanding the economic value of land in relation to its location and physical features.
The method of land development, historical land division systems like metes and bounds, and the political and economic forces at play, including the influence of land speculators, all contribute to the complexities of land valuation. Furthermore, the changes in soil profiles and development over time, as well as geographic and demographic opportunities, are essential considerations in matters of land economics.