ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The number of workers in the labor force
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The physical capital used by workers
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The financial assets owned by workers
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The training and education of workers
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The spending by business for worker recruitment
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Detailed explanation-1: -Human capital consists of the knowledge, skills, and health that people invest in and accumulate throughout their lives, enabling them to realize their potential as productive members of society.
Detailed explanation-2: -Human capital can be broadly defined as the stock of knowledge, skills and other personal characteristics embodied in people that helps them to be productive.
Detailed explanation-3: -Human capital theory is about the idea of humans increasing their productivity and efficiency through a greater focus on education and training. Human capital is the study of human resources. It talks about the development of economic value from how we function as a society.
Detailed explanation-4: -Human capital refers to the stock of skill, ability, expertise, education, and knowledge in a nation at a point of time.