Human capital can be described as ?
Correct answer: C. the stock of expertise accumulated by a worker
- A. the tools used by workers to enhance productivity
- B. a person inherited ability
- C. the stock of expertise accumulated by a worker
- D. education
Explanation
Human capital is the accumulated stock of knowledge, skills, training, and expertise embodied in a worker. Education contributes to human capital but is only one component of it.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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