What does "human capital" refer to?

"Human capital" refers to the economic value of skills and knowledge that individuals possess, which can enhance productivity and contribute to economic growth. This concept encompasses various attributes, including education, experience, training, and even health, all of which enable individuals to perform work and drive innovation within the economy. The investment in human capital, such as through education and training programs, can lead to greater efficiency and increased earnings for individuals as well as improved overall economic outcomes for society.

In contrast, other options focus on different aspects: the value of natural resources pertains to the tangible goods that originate from the environment, while wealth accumulation relates to the total assets owned by an individual rather than their ability to provide labor or services. Finally, the total labor force available signifies the number of individuals eligible and willing to work, which does not specifically address the qualities that enhance their productivity or economic value.