Human capital refers to the knowledge, skills, and abilities possessed by workers, which are considered valuable resources and can be used to create economic value. It is distinct from labor, which refers to the physical effort or time that workers put into production. Human capital can be developed through education, training, and work experience.

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Human Capital Is

Question 45

Multiple Choice

Human capital is:

A) the same as labor.
B) a term describing the tools and equipment owned by households.
C) a worker's physical effort when working with machines.
D) the expertise or knowledge possessed by workers.

Correct Answer: