Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 17.2, Problem 2ST
To determine
Difference between physical and human capital.
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What is the difference between labor and human capital? How can human capital be increased?
What are the two main factors that affect labor productivity?
What is the opportunity cost of investing in a physical capital?
Chapter 17 Solutions
Economics (MindTap Course List)
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- In what sense is education a type of capital?arrow_forwardHow does division of labor improve standard of living?arrow_forwardI have two questions. 1. What are three reasons a worker's wage might be above the level that balances supply and demand? 2. Explain the difference between physical capital and human capital?arrow_forward
- In what ways does franchising contribute to an overall economy?arrow_forwardUnder what circumstances does labor productivity grow?arrow_forwardExplain the opportunity cost of investing in capital. Is there any difference in the opportunity cost of investing in human capital versus physical capital?arrow_forward
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