What does the term 'human capital' refer to in CAFS?

The term 'human capital' refers specifically to the skills, knowledge, experience, and abilities that individuals possess, which can be utilized to create economic value. In the context of CAFS (Community and Family Studies), recognizing human capital emphasizes the importance of personal development, education, and training as essential components of resource management. This concept highlights that individuals are not just passive recipients of economic activity, but rather they actively contribute to economic growth and societal well-being through their competencies and talents.

Human capital plays a crucial role in various fields, including healthcare, education, and workforce development, underscoring the idea that investing in people yields significant returns for both individuals and communities. Understanding human capital enables effective management and development of resources necessary to achieve individual and collective goals.