What is the diff bet physical and human capital?

Aug 18th, 2010


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Physical capital refers to any manufactured asset that is applied production, such as machinery, buildings, or vehicles, which is one of the three primary factors of production (the other two are land and labor/workforce).

Human capital refers to the people and their knowledge, skills, and abilities as used in employment and else where that contribute to the economy .  Essentially, it's the skills, knowledge and experience of individuals employed by an organization that make a worker productive in an economic context.  Human capital may somtimes be refered to as the labor force or workforce.

 

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