Asked by Aaron Portillo on Jul 19, 2024
Verified
When a person receives more education,his or her _____ has increased.When a firm buys a new copy machine,it has purchased _____.
A) human capital;physical capital
B) labor;capital labor
C) labor;capital
D) human capital;land
Human Capital
The abilities, learned knowledge, and lived experiences of a person or collective, regarded with respect to their financial value or expenditure to a business or state.
Physical Capital
Assets used by a business to produce goods and services, such as buildings, machinery, and equipment.
- Explain the concept of human capital and its importance to both individuals and firms.
Verified Answer
SP
Stefon PegramJul 20, 2024
Final Answer :
A
Explanation :
When a person receives more education, their human capital has increased. Human capital refers to the knowledge, skills, and abilities that a person has, which can be developed through education and experience.
When a firm buys a new copy machine, they have purchased physical capital. Physical capital refers to the tools, machinery, equipment, and other resources that a firm uses to produce goods and services.
When a firm buys a new copy machine, they have purchased physical capital. Physical capital refers to the tools, machinery, equipment, and other resources that a firm uses to produce goods and services.
Learning Objectives
- Explain the concept of human capital and its importance to both individuals and firms.