Answer :
Final answer:
Human capital refers to the acquired skills and abilities that workers bring to the production of goods and services, including education and training, which contribute to productivity and economic growth.
Explanation:
The set of acquired skills and abilities that workers bring to the production of goods and services is called human capital. This concept encompasses the competencies, knowledge, social, and personality attributes, including creativity, which workers possess and can utilize to perform labor that creates economic value.
Human capital development is pivotal as it leads to increased economic development, productivity growth, and innovation. It includes a range of facets from formal education to on-the-job training, covering technical, managerial, and interpersonal skills.
When students attend college or employees undergo professional development, they are essentially investing in their human capital. This enhances their ability to translate time into production, which is not only beneficial for individual careers but also contributes to the overall economic health of a society.
