Answered

Which of the following would be human capital and physical capital, respectively?

A. For a library, the building and the reference librarians' knowledge of the Internet.
B. For a restaurant, the chefs' knowledge about preparing food and equipment in the kitchen.
C. For a grocery store, grocery carts and cash registers.
D. For an accounting firm, the accountants' knowledge of tax laws and the number of hours worked by those accountants.



Answer :

GinnyAnswer

Final answer:

Human capital is the chefs' knowledge, and physical capital includes the kitchen equipment in a restaurant.


Explanation:

Human capital: The chefs' knowledge about preparing food at a restaurant would be considered human capital. This refers to the skills and education embodied in the workforce that make them productive.

Physical capital: The equipment in the kitchen of a restaurant, such as the ovens and stoves, would be classified as physical capital. These are the machines and production facilities used in the production process.


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