Distinguish Between General and Specific Training as It Pertains to the Human

question 21

Essay

Distinguish between general and specific training as it pertains to the human capital theory. Give an example of each kind.

---

Definitions:

Property Rights

Legal rights to use, control, and derive benefits from resources such as land, intellectual property, and personal assets.

Markets

Any structure that allows buyers and sellers to exchange any types of goods, services, and information.

Central Planners

Officials or bodies within a government responsible for making decisions about the economy’s production and distribution of goods and services.

Communal Ownership

A system where property and resources are owned collectively by a community or society rather than by individual members or companies.