Labor Markets & Human Capital Vocabulary Practice

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

Which of the following is a part of a persons Human Capital

• Knowledge

• Skills

• Experience

• All of these

This refers to all the skills and knowledge that people have

• human labor

• human capital

• capital wage

• asset capital

Which of the following factors contributes to the economic growth of a country?

• How rich they are

• How many people live in that country

• How productive that country is

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

The human ability to produce a good or service: Talents, skills, physical labor, etc. the work that goes into the production of a good or service.

• Human resources or Labor

• Land

• Capital

• Entrepreneurship

A mechanic is a

• natural resource

• human resource

• capital resource

If a country is more productive than another country, it:

• Produces more goods and services

• Has more people

• Earns more money

Economists use the word "Labor" to refer to...

• Work hours and effort used in production

• The knowledge people use in order to produce goods & services

• Tools used in the production of goods and services

• All of the Above

Why is Human Capital Important

• It isn't

• It gives a person value in the labor force

• It limits what a person can do FOREVER!

• it is something people can't have control over .;