Human capital is best defined as

Question

Quizplus · Accepted Answer

Human capital refers to the knowledge, skills, and abilities of individuals that can be used to increase productivity and economic potential. It includes factors such as education, training, and health that improve the abilities of individuals to contribute to the workforce.

Option A is incorrect as wealth can refer to a variety of resources, including physical assets like property and money, and is not necessarily related to an individual's productivity or ability to contribute to the economy.

Option B is incorrect as the amount of money people have to spend on schooling is related to financial capital, which refers to financial resources people have at their disposal.

Option D is incorrect as the average education level of the population is an important component of human capital, but it does not encompass all the factors that contribute to the productive potential of individuals.

Human Capital Is Best Defined as