As a business owner Laura recognizes she needs to be knowledgeable about both her particular business as well as the market and economic data surrounding her business because of this Laura has worked hard to develop a specialized knowledge and expertise about her business over the years utilizing the factor of production known as
human capital. Human capital refers to the skills, knowledge, and experience that individuals bring to their work, and Laura has invested time and effort into honing her own human capital to better understand her business and succeed in the market. By developing her human capital, Laura is better equipped to make informed decisions, adapt to changes in the market, and drive her business forward.
