3.9A Human Capital and Income

Front

What is income?

Back

Income is the money that is earned for the labor a person does.

Front

What factors can cause one job to pay more than another?

Back

The length of training, amount of education level, and level of job difficulty.

Front

What affects Lily's paycheck as a nurse?

Back

The number of years Lily has been working as a nurse.

Front

Which factor does NOT affect a carpenter's pay?

Back

The kind of car the carpenter drives.

Front

What is human capital?

Back

Human capital includes the knowledge, skills, education, and talent people bring to work.

Front

What is labor?

Back

Labor is the work done by people to produce goods and services.

Front

Why is education important for income?

Back

Higher education often leads to better job opportunities and higher income.

Front

What is the relationship between experience and income?

Back

More experience in a job usually leads to higher income.

Front

What is a paycheck?

Back

A paycheck is a document that an employer gives to an employee as payment for work done.

Front

What is a job?

Back

A job is a specific role or position where a person works to earn income.