1.01- Lesson- Education and training- Financial

Human Capital

The skills, knowledge, and experience possessed by an individual viewed in terms of their value to an employer.

Education

What you have learned in school.

Skills

Things you can actually do (e.g., coding, welding, speaking a second language).

Experience

What you've learned by doing things in the past.

Productivity

How much value you can create in a certain amount of time.

Higher Education = Higher Income

Statistics show that individuals with college degrees or specialized training typically earn more over their lifetime.

Job

Work you do mainly to earn money, usually short-term and task-oriented.

Career

A long-term journey involving a series of jobs, experiences, and training in a specific field.

Rate of Return

The profit gained from education, comparing the costs of education to the increased salary over time.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen, particularly in education.