Economics majors: classify each of the following resources as land, labour, or capital.?
Fishing banks off newfoundland, and Chemical fertilizer. If possible, explain why they're classified as that factor of production.
Answer:
Fishing banks would be land (natural resource)
Chemical fertilizer is a tool in essence to make crops grow, that's considered Capital.
Factors of Production are Land, Labor & Capital.
In Econ, capital is NOT money.
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Answer:
Fishing banks would be land (natural resource)
Chemical fertilizer is a tool in essence to make crops grow, that's considered Capital.
Factors of Production are Land, Labor & Capital.
In Econ, capital is NOT money.
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