Which statement is incorrect about institutions of capitalism?Question 3Answera.Computers belonging to Macquarie University are private propertyb.The main institutions of capitalism are private property, markets, and firmsc.Sales and purchases of illegal guns is an example of marketd.Workers’ skills are private property belonging to workers
Question
Which statement is incorrect about institutions of capitalism?Question 3Answera.Computers belonging to Macquarie University are private propertyb.The main institutions of capitalism are private property, markets, and firmsc.Sales and purchases of illegal guns is an example of marketd.Workers’ skills are private property belonging to workers
Solution
The incorrect statement about institutions of capitalism is d. Workers’ skills are private property belonging to workers. While workers' skills are indeed valuable and can be marketed, they are not considered "private property" in the traditional sense of the term as used in capitalist theory. Private property typically refers to tangible assets such as land, buildings, and goods. Skills, on the other hand, are intangible and cannot be bought, sold, or owned in the same way as these other assets.
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