Final answer:
Human capital encompasses a range of competencies and attributes that contribute to economic value and enhance productivity. Investments in human capital, such as education and healthcare, can lead to economic growth and innovation.
Explanation:
Human capital is the stock of competencies, knowledge, social and personality attributes embodied in the ability to perform labor, contributing to economic value. Formal education, on-the-job training, technical skills, and managerial abilities are all part of human capital.
Investments in human capital have been shown to enhance economic development, productivity growth, and innovation. For instance, education is often viewed as an investment in human capital development.
Improving human capital through social investments like education and healthcare can increase individuals' income-earning potential by enhancing their knowledge, skills, and health.
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