A. TRUE/FALSE: In the left-hand space, write T if the statement is true or F if the statement is false.
1. Both individuals and societies have to deal with a shortage of resources.
2. To produce goods and services, a society needs natural resources, human resources, capi-
tal resources, and entrepreneurial resources.
3. We do not need labor to turn natural resources into goods and services.
4. Natural resources become factors of production when we use them to produce goods.
5. The economy of many countries is based on natural resources.