Human Capital Includes

question 26

Multiple Choice

Human capital includes

• A) an individual's capabilities, knowledge, and skills.
• B) the relationships between people.
• C) the output from assembly line employees.
• D) an improved product.

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Definitions:

Autarky

An economic system where a country seeks to be self-sufficient and limit trade with foreign nations.

Consumer Surplus

The disparity between consumers' willingness to pay for a good or service and their actual payment amount.

Producer Surplus

The variance between the amount sellers are ready to accept for a commodity or service and what they actually earn from it.

World Market

The international exchange of goods and services that transcends national borders, influenced by global supply and demand.