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Bob owns a 100-acre farm. Of that, he uses 50 acres to grow corn, 40 acres to graze sheep, and 10 acres for structures such as his home and barn.

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.

I think that would be the 50 acres he grows his corn, because economically its making money. IE cash crop.

  • macroeconomics -

    I think it is 1 and 2.

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