Which principle states that returns to land are what remain after returns to labor, management, and capital are satisfied?

Surplus Productivity is the principle that describes the concept that the returns to land are what remain after the returns to labor, management, and capital have been accounted for. This principle highlights that land itself generates income, but that income is calculated after other factors involved in production, such as labor, management, and capital, have been compensated. Essentially, it explains how the productivity of land contributes to overall economic returns and identifies the residual income attributable specifically to the demand for and use of the land. Understanding this principle is crucial in the context of real property appraisal, as it helps in analyzing the contribution of land to overall value and differentiating it from other factors.

The other concepts, while important in their own rights, do not specifically encapsulate this relationship. Capital Recovery refers to the process of recovering the initial investments over time, Market Value Theory involves assessing property values in relation to open market conditions, and the Income Approach is a valuation method based on the income that a property can generate. None of these fully address the residual income aspect as directly as the Surplus Productivity principle does.