LABOUR AND INCOME OF LABOUR

1. Indicate whether the following statement is true or false:

In South Africa, the quality of labour is just as important as the size of the labour force.

Think again.  The statement is false.

The quality of the labour is more important than the size of the labour force.

You are right! The statement is indeed false.

The quality of the labour is more important than the size of the labour force.

2. Indicate whether the following statement is true or false:

The factor of production labour only refers to physical labour.

Think again.  The statement is false.

Labour refers to human effort that is put into the production of goods and services, and includes both physical and mental effort.

You are right! The statement is indeed false.

Labour refers to human effort that is put into the production of goods and services, and includes both physical and mental effort.

3. Indicate whether the following statement is true or false:

The term "human capital" refers to the number of workers.

Think again.

The term "human capital" refers to knowledge, talents, skills, abilities, experience, intelligence, training, judgment, and wisdom of the labour force and not to the number of workers.

You are right! The statement is indeed false.

The term "human capital" refers to knowledge, talents, skills, abilities, experience, intelligence, training, judgment, and wisdom of the labour force and not to the number of workers.