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The knowledge, education, training, skills, and expertise of a firm's workers are known as:

a) management's philosophy.
b) human capital.
c) physical capital.
d) production capital.

Answer :

Human capital refers to the skills, knowledge, training, and expertise that employees acquire through education and experience, enhancing a firm's productivity and economic value. Therefore, the correct answer to the student's question is b) human capital.

The knowledge, education, training, skills, and expertise of a firm's workers comprise a crucial asset known as human capital. This includes both the formal schooling they have undergone and the on-the-job training they have received. With human capital, we refer to a broad set of competencies that employees bring to their roles, including technical skills necessary for specific roles like plumbers, electricians, or software designers, as well as managerial skills such as leadership and the ability to manage personnel.

Moreover, human capital is not just about the current workforce but also involves the ongoing development of these attributes. It encapsulates the learning process of students at educational institutions and the acquisition of new skills through professional experience or further training. As such, it plays a central role in increasing a company's productivity and fostering economic value. Therefore, the correct answer to the student's question is b) human capital.

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