Question

What is the term economists use to refer to the knowledge and skills that workers acquire through education, training, and experience?

1) Human resources
2) Human capital
3) Human development
4) Human potential

Answer 1

The term economists use for the knowledge and skills workers gain is 'human capital,' crucial for labor productivity and economic growth. option b.

Step-by-step explanation:

The term economists use to refer to the knowledge and skills that workers acquire through education, training, and experience is human capital. This concept encompasses the information, skills, knowledge, education, and health that constitute a worker's ability to produce goods and services. Human capital is a fundamental component that shapes how productive workers are, with factors like education and childhood nutrition playing significant roles in developing a workforce's abilities. Investments in human capital, such as college education, increase an individual's productivity and often lead to higher earnings over a lifetime.