FACTORS OF PRODUCTION 



sources of the country, a part of which may be 

 met by extending the industry into regions which 

 are not being used ; but the most important means 

 of increasing the supply of agricultural products 

 in the future will doubtless be by farming more 

 intensively the land which is already in use. This 

 means that the part which labor and capital-goods 

 play in agricultural production will be more im- 

 portant, relatively, in the future than at the pres- 

 ent time. 



Section II. Capital-Goods. According to the 

 census for 1900, the implements and machines on 

 the farms of the United States were valued at 

 761,261,550 dollars, which is an average of ninety 

 cents per acre of farm land. The value of live 

 stock on farms was given at 3,078,050,041 dol- 

 lars, or an average of three and sixty-six-hun- 

 dredths dollars per acre of farm land. Together, 

 therefore, the value of the live stock, tools and 

 machinery amounted to four and fifty-six-hun- 

 dredths dollars per acre. But these figures do 

 not fairly indicate the amount of capital required 

 to operate a farm in this country. To this must 

 be added the money which the farmer is required 

 to have in hand for meeting current expenses, the 

 value of the grain, hay, etc., which he has in store 

 'at the time when the valuation of the live stock 

 is made, and the many little things which are nec- 

 essary and yet which are usually omitted from the 

 census valuations. 



2 17 



