When a person becomes better educated and is able to produce a better product, the person's education is referred to as:
A)human capital.
B)physical capital.
C)land.
D)labor.

Question

Quizplus · Accepted Answer

Human capital refers to the knowledge, skills, and abilities possessed by individuals that can be used to produce economic value. Education is a key component of human capital as it helps individuals acquire the knowledge and skills needed to perform specific tasks and activities. Therefore, when a person becomes better educated and is able to produce a better product, his or her education is referred to as human capital.

When a Person Becomes Better Educated and Is Able to Produce