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12 marksTheory of Supply

CAPE Economics Unit 1 · 2006 · Paper 2 · Question 5(a)

Define each of the four broad types of resources: land, labour, capital (including human capital), and entrepreneurship. State the role each plays in the production process.

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Other parts of this question

  1. 5(b)(i)Complete the table in your answer booklet.[12 marks]
  2. 5(b)(ii)State the number of units of labour that AURO INC employs.[4 marks]
  3. 5(c)(i)Draw a backward-bending supply curve of labour and identify the region where the income effect exceeds the substitution effect.[6 marks]
  4. 5(c)(ii)Explain why part of the curve has a negative slope.[4 marks]
  5. 5(d)Give four reasons why wages differ.[12 marks]

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