By investing in the education and training of its citizens, or ___________ capital, Canada has been able to improve its gross domestic product (GDP) and standard of living. (1 point)
Responses
human
human
natural
natural
domestic
domestic
resource
human
human
The answer to the question is "human". To arrive at this answer, we need to understand the concept of human capital and its impact on a country's GDP and standard of living.
Human capital refers to the knowledge, skills, and abilities that individuals possess, which are developed through education, training, and experience. By investing in education and training of its citizens, a country like Canada can enhance its human capital.
This increased human capital can lead to several positive outcomes for the economy. Firstly, a more educated and skilled workforce is more productive and efficient, which can boost economic output and contribute to GDP growth. Secondly, higher levels of education and skills can attract foreign investment and promote innovation and technological advancements, further driving economic development. Lastly, an educated workforce tends to have higher incomes, which can improve the standard of living for individuals and society as a whole.
Therefore, by investing in human capital, Canada has been able to improve its GDP and standard of living.