I . Factor markets, where productive goods and services are bought and sold, help to determine what

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I . Factor markets, where productive goods and services are bought and sold, help to determine what is produced, how it is produced, and the distribution of income

(output) . There are two broad classes of productive resources - nonhuman capital and human capital. Both are durable in the sense that they will last into the future, thereby enhancing future productive capabilities. Both yield income to their owners. Investment can expand the future supply of both.

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Economics Private And Public Choice

ISBN: 9780123110404

2nd Edition

Authors: James D Gwartney; Richard Stroup; A H Studenmund

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