as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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explain the concept of human capital
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human capital is the collective knowledge, skills, experience, and abilities of a society's workforce. it is the source of productivity and economic growth, as it enables individuals to contribute to collective wealth and development. human capital has both tangible and intangible components, such as experience, education, creativity, innovation, and health. investing in human capital is therefore essential to promote economic growth, as it boosts economic output through productivity improvements and increases the ability of individuals to contribute to economic activities.
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