8. "These new skills help the business to keep growing and to stay competitive by coming up with new ideas". Describe what is meant by the word "competitive".

Here are the answers to your questions: 3.1.1. Another name for the factors of production is inputs. 3.1.2. Start-up capital is the initial money or assets required to establish a new business or project. 3.1.3. Three Acts that ensure fair labour practice are: Labour Relations Act Basic Conditions of Employment Act Employment Equity Act 3.1.4. | Type of labour | Definition | One (1) Example | | :------------- | :----------------------------------------------------------------------------------------------------- | :--------------------------------------------------------------------------- | | Skilled | Requires extensive training, specialized knowledge, and often higher education to perform complex tasks. | Doctor, Engineer, Accountant | | Semi-skilled | Requires some training and experience to perform tasks that are more complex than unskilled labour but less specialized than skilled labour. | Machine operator, Cashier, Truck driver | | Unskilled | Requires little to no formal training or education, performing basic manual or routine tasks. | Cleaner, General labourer, Farm worker | 3.1.5. The income that workers get for selling their labour is wages or salaries. 3.1.6. Besides selling their labour for an income, workers also bring skills, knowledge, experience, effort, and creativity to the business. 3.1.7. Human capital refers to the collective value of the skills, knowledge, experience, and abilities that employees possess. It represents the economic value of a worker's education, training, and health. 3.1.8. The word "competitive" means that a business is able to offer better products or services, or produce them more efficiently, than its rivals in the market. This allows it to attract customers and succeed against other businesses. That's 2 down. 3 left today — send the next one.