Mention if the given statement is true or false:

The skills, knowledge, and experience possessed by an individual used in the manufacturing process is termed as "human capital."

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True

False

answer is A.

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Detailed Solution

The given statement is true.
Social scientists refer to personal qualities seen as helpful in manufacturing as "human capital." Several factors make human capital the most crucial component of production: Humans can utilise land, labour, and physical capital since they have life and the ability to reason. When man's knowledge and initiative are combined with land, work, and physical money, they can create goods for personal use and market sale. Investing in human capital will lead to its formation, which is an important factor in the manufacturing process.

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