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Macroeconomics 10th Edition by William McEachern
Edition 10ISBN: 978-1133188131Macroeconomics 10th Edition by William McEachern
Edition 10ISBN: 978-1133188131 Exercise 2
RESOURCES To which category of resources does each of the following belong?
a. A taxi
b. Computer software
c. One hour of legal counsel
d. A parking lot
e. A forest
f. The Mississippi River
g. An individual introducing a new way to market products on the Internet
a. A taxi
b. Computer software
c. One hour of legal counsel
d. A parking lot
e. A forest
f. The Mississippi River
g. An individual introducing a new way to market products on the Internet
Explanation
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a.Capital:
Since taxi is a manufactured product which is used to provide transport service, it is a capital.
B.Capital:
Computer software is a manufactured product which is used for production; hence, it is a capital.
C.Labor:
One hour of legal counsel requires human mental effort; hence, this is a labor.
D.Capital:
Land and some other materials are required to make a parking lot; hence, this is a combination of natural resources and capital.
E.Natural resources:
Since forest is a bunch of trees and it's a gift of nature, it belongs to natural resources.
F.Natural resources:
The Mississippi River is a gift of nature, and it belongs to natural resources.
G.Labor:
Introducing a new way to market products on the Internet requires marketing skills and other strategies, and it is considered as entrepreneurial ability.
Since taxi is a manufactured product which is used to provide transport service, it is a capital.
B.Capital:
Computer software is a manufactured product which is used for production; hence, it is a capital.
C.Labor:
One hour of legal counsel requires human mental effort; hence, this is a labor.
D.Capital:
Land and some other materials are required to make a parking lot; hence, this is a combination of natural resources and capital.
E.Natural resources:
Since forest is a bunch of trees and it's a gift of nature, it belongs to natural resources.
F.Natural resources:
The Mississippi River is a gift of nature, and it belongs to natural resources.
G.Labor:
Introducing a new way to market products on the Internet requires marketing skills and other strategies, and it is considered as entrepreneurial ability.
Macroeconomics 10th Edition by William McEachern
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