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ECS1501-25-Y

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In South Africa, the

quality of labour is just as important as the size of the labour force.

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The term "human

capital" refers to the number of workers.

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Labour, as a factor

of production, refers only to physical labour.

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Many natural resources come from the

earth and are, therefore, unlimited.

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Which

of the following is not an example of a natural resource?

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Owners of natural resources receive

rent as income for making natural resources available for producing goods and

services.

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An economy's capacity to produce is limited by the quantity and quality of the available resources.
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Scarcity is a problem in poor countries only.
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Scarce goods are goods that have no alternative use.
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Economics is mainly about the study of free goods.
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