Explain the difference between ‘human capital’ and ‘physical capital’.

Human capital refers to the knowledge, skills, abilities, and other intangible assets that individuals possess and contribute to the productivity and economic output of a society. It encompasses the education, training, experience, and expertise of individuals, which are acquired through formal education, on-the-job training, and personal development efforts. Human capital is a crucial determinant of economic growth, productivity, and innovation within a knowledge-based _______ _________ ____ _________ _______ _________ __________.
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