A farmer uses soil, seeds, a highly skilled foreman, tractors, and a barn to produce his harvest. Which factor of production is the foreman?
A) labor
B) human capital
C) natural resources
D) physical capital

Question

Quizplus · Accepted Answer

The foreman, being highly skilled, represents human capital. Human capital refers to the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country. In this context, the foreman's skills and expertise in managing the farm's operations are considered human capital.

A Farmer Uses Soil, Seeds, a Highly Skilled Foreman, Tractors