Asked by Sierra Giles on Jul 22, 2024
Verified
When farmers rent land in order to increase crop production,they are acquiring capital.
Crop Production
The process of growing agricultural crops for consumption, commercial, or other purposes.
- Recognize and differentiate among various production factors and their corresponding remunerations.
Verified Answer
JL
Jennifer LodewykJul 23, 2024
Final Answer :
False
Explanation :
Renting land is considered acquiring a factor of production known as land, not capital. Capital refers to goods used to produce other goods, such as machinery, tools, and buildings.
Learning Objectives
- Recognize and differentiate among various production factors and their corresponding remunerations.
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