Multiple Choice
Which of the following is bought and sold in factor markets?
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0. Basic Principles of Economics
Factors of Production
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Janet is a farmer. Which of the following is included in her human capital?
A
The land she owns
B
The tractor she uses for plowing
C
The seeds she plants
D
Her knowledge of crop rotation techniques
Verified step by step guidance1
Understand the concept of human capital: Human capital refers to the skills, knowledge, experience, and abilities possessed by an individual that can be used to produce economic value.
Identify the options given: land, tractor, seeds, and knowledge of crop rotation techniques.
Classify each option: Land, tractor, and seeds are physical or natural capital because they are tangible assets used in production.
Recognize that knowledge of crop rotation techniques is an intangible asset related to skills and expertise, which fits the definition of human capital.
Conclude that Janet's knowledge of crop rotation techniques is included in her human capital, while the other options are not.
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