Diamonds are nature's hardest substance. Classify each of the following diamonds as land, labor, capital, entrepreneurship, or none of the above. Explain your choice.
a . an unmined diamond
b. a diamond in DeBeers' vault (DeBeers is the world's biggest diamond mining company.)
c. a diamond in a jeweler's display case at the shopping mall
d. a diamond on your or your fiancée's finger
e. an industrial-grade diamond in your dentist's drill
f. the diamonds in the blade that the highway department uses to cut concrete
a . land, because the diamond is in its natural state
b. capital, because it's part of DeBeers' inventory
c. capital, because it's part of the jeweler's inventory
d. none of the above, because it's a good that has been consumed by a household, not a resource
e. capital, because it's being used in the production of your dentist's services
f. capital, because the highway department is using it to produce its output (roads, road repair)
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