Question

Explain how education can turn the population into human capital in your own words.
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Answer 1

Answer: Human capital refers to production skills embodied in workers. According to standard economics, human capital plays an important role in the economic process; on the one hand, human capital is as important as machines and technology in the production process; on the other hand, higher human capital implies higher labor productivity and higher incomes for workers; higher human capital also requires higher schooling years, which give workers the basic capacity to learn skills.tion:

Answer 2

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