Answer :
Final answer:
The lack of skilled workers to operate an oil rig exemplifies a shortage in human capital, as these workers require specialized training and skills. Human capital refers to the skills and experience available in the workforce. In essence, this highlights the importance of skilled labor in production processes.
Explanation:
Understanding the Shortage Example
The lack of skilled workers to operate an oil rig is primarily an example of a human capital shortage. Human capital refers to the skills, knowledge, and experience possessed by an individual that are useful in the workplace. In this case, the oil rig requires workers who have specialized training and skills to safely and efficiently operate its complex machinery.
To expand on this concept, let’s define labor, capital, and natural resources:
- Labor: This constitutes the human effort and skills used in the production process. For example, an unemployed factory worker represents labor that may not currently be utilized in production.
- Capital: This includes physical assets like machinery and tools (including the oil rig itself) and financial resources that are necessary for production processes.
- Natural Resources: These are raw materials found in nature, like oil, which are extracted and used in production.
Thus, when referring to the lack of skilled workers, it clearly indicates a shortage in human capital rather than other types of capital.
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