Asked by Eugene Dioso on Jun 10, 2024
Verified
Like physical capital, human capital is a produced factor of production.
Human Capital
The collective skills, knowledge, expertise, and other attributes embodied in individuals that contribute to their economic productivity.
Physical Capital
The stock of equipment and structures that are used to produce goods and services.
- Grasp the significance of human capital in economic growth and productivity.
Verified Answer
AK
Aarti KoundalJun 13, 2024
Final Answer :
True
Explanation :
Human capital refers to the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country. Similar to physical capital, such as machinery or buildings, which is produced and accumulated over time, human capital is developed through education, training, and experience, making it a produced factor of production.
Learning Objectives
- Grasp the significance of human capital in economic growth and productivity.
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