The improvement in labour made possible by education and knowledge that is embodied in the work force is known as _____ capital.

Question

Quizplus · Accepted Answer

Human capital refers to the education, knowledge, skills and abilities embodied in the work force that improve labour productivity and economic output. Physical capital refers to the physical assets such as machinery, equipment, and buildings used in production. Financial capital refers to the money and assets available for investment. Real capital is not a commonly used term in economics.

The Improvement in Labour Made Possible by Education and Knowledge