College Education Increase One's Human Capital? College Essay

college education increase one's human capital?

College education has a positive impact on human capital. The reason why, is because the various concepts and ideas that you are learning are establishing a foundation for an individual to learn specialized skills. This will allow them to work in those areas that require greater amounts of technical training. Once this occurs, is when this person can begin working in these career fields and increasing their total earnings dramatically. A good example of this can be seen with someone who has a Bachelor's degree in comparison with a high school graduate. As, this person has basic foundation that can be used to train them in areas such as: medicine or law. This is because the 4 years of college, have created a base that can lead into other career fields. These elements are significant, because it is showing how the overall levels of education will have a direct impact on individual earnings. (Pilon, 2011)

Evidence of this can be seen with a study that was conducted by the College Board. They found that those people who have at least a 2-year degree will earn between: $800 thousand and $1 million more over the course of their lifetimes in comparison with high school graduates. On an annual basis, they found that college graduates earned $19,500 higher in contrast with those who have completed high school. This is important, because it is showing how a college education can have a dramatic impact on human capital. The reason why, is it establishes a foundation that allows someone to be trained in more challenging fields. As a result, they will be paid more for their services. Over the course of time, this will create a situation where they will have higher levels of income during their lifetimes. This gives college graduates larger amounts of human capital in comparison with their high school counterparts. (Pilon, 2011)

Does your college tuition fully reflect the opportunity cost to you of taking the course? What is your personal opportunity cost of taking this course?

Opportunity cost is when you are passing up a particular situation because you believe that there will be better benefits down the road. As far as taking this course is concerned, these elements are reflecting opportunity costs.As there will be greater rewards for: understanding the various concepts and effectively applying them. Once this occurs, is when there will greater levels of enlightenment that will improve my skill sets. This is the point that I can be able to use this to help find better career choices. As a result, this course if reflecting opportunity costs based upon: the larger rewards that I will be receiving down the road (for successfully completing these requirements). ("Opportunity Cost," 2011)

My personal opportunity cost for taking this course, is that I will be able to use these ideas to obtain my degree. I can utilize these skills to go on to higher levels of education that will allow me to specialize even further. Another option, is once I finish the requirements for the degree I can be able to start working. During this process, is when I can use the various skills and ideas that I learned to find a career with: the most lucrative financial rewards and flexibility. This is the point that the earnings over my lifetime will begin to increase exponentially. As, I can use the next few years to: learn a specific industry and work my way into upper management of the organization. Another choice is to use this time to gain experience and go into business for myself. These different elements are important, because they are showing how completing this course will open the door for larger opportunity costs in the future. Once this occurs, is when my earnings will begin to increase exponentially. ("Opportunity Cost," 2011)

Does a reduction in trade barriers cause a country to move closer to its production possibilities curve or does it cause the production possibilities curve to shift outward? What factors would cause the production possibilities curve to shift outward (economic growth)?

The production possibilities curve….....