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Maximizing Human Capital: Understanding Opportunity Costs

Explore the importance of human capital - knowledge, skills, and health - in enhancing productivity. Uncover the concept of opportunity cost and its impact on decision-making in pursuing education and career goals. Learn how investing in human capital today can lead to higher income in the future.

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Maximizing Human Capital: Understanding Opportunity Costs

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  1. Human Capital and Opportunity Cost

  2. HUMAN CAPITAL • Knowledge and skills, and health that individuals possess. • With improved human capital, people can produce more and better products than other people can – in the same amount of time or less

  3. Opportunity Cost • The alternative that is given up when making a decision • What are the opportunity costs of going to college? • Income that could have been made otherwise • Why would you choose to forgo giving up income and instead becoming a full-time student in college? • To develop human capital in order to obtain higher levels of income in the future

  4. Examples • Joe has a huge test on Monday. On Sunday afternoon, he accepts an invitation to go to a movie with this friends. What is his opportunity cost? • Mariah skips class. What is her opportunity cost?

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