Human Capital Refers To

question 33

Multiple Choice

Human capital refers to:

• A) the net present value of the future competencies of the workforce.
• B) the amount of money purchasers of the firm would pay for the continuing employment of the present workforce.
• C) the value-added that the firm's workforce contributes to each product produced or service rendered.
• D) knowledge and skills of the firm's work force.

Differentiate between human capital and physical capital and their contribution to productivity.

Comprehend the principles of real GDP and its correlation with population and productivity.

Grasp the concept of constant returns to scale and its implications for economic output.

Understand the factors that increase productivity and their importance for economic growth.

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Definitions:

Power in Society

Refers to the distribution and exercise of influence by various individuals and groups within a social structure, impacting how decisions are made and who benefits from them.

Pluralist View

A theoretical perspective that sees society as comprised of multiple groups and interests competing and cooperating for influence and resources, applicable in both political and labor relations contexts.

Shared Interests

Common goals or concerns among individuals or groups that result in cooperative endeavors or aligned efforts.

Employment Relationship

The legal and social relationship between an employer and an employee, characterized by the exchange of labor for compensation.