Which of the following are considered by economists to be "land"?
I. The 50 acres he uses to grow corn
II. The 40 acres he uses to graze sheep
III. The 10 acres on which he has built his house and barn
IV. The sheep that graze on his farm
V. His house and barn
To determine which of the options are considered "land" by economists, we need to understand the concept of "land" in the economic sense. In economics, "land" refers to natural resources that are used in production and do not include man-made or artificial objects.
I. The 50 acres used to grow corn: This is considered "land" because it refers to the physical area of land used for agricultural purposes.
II. The 40 acres used to graze sheep: This is also considered "land" as it refers to the physical area of land used for grazing animals.
III. The 10 acres on which the house and barn are built: This is not considered "land" since it involves the man-made structures (house and barn) and not the actual land itself.
IV. The sheep that graze on the farm: This is not considered "land" because the sheep are living beings and not a part of the physical land.
V. The house and barn: As mentioned earlier, these are man-made structures and not part of the actual land, so they are not considered "land" in an economic sense.
Therefore, options I and II are considered "land" by economists.