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Human capital can also be available of job experience, which an employee acquires while working. Consequently, this enhances human capital’s output as well as efficiency especially when undertaking a specific task.
Human capital cost can be either direct or indirect which Gary Becker links to personal decisions. An individual ascertains whether to spend on studies, incur the cost of foregoing other things in life and expenses linked to education. Suppose he or she prefers studying, this turns being a benefit based on how the employment sector presently has turned to be competitive. This in return avails one with several benefits, for instance, good remuneration whose enjoyment can be solely via bettering oneself and in turn have lasting payback.
Migration is caused by social, political and economic factors. Social issues causing migration include religion, when a person’s religion of choice is not accepted, racial discrimination and a person’s sexuality. Most countries laws are against same sex relationship thus such couples opt to migrate to where laws favour them. Political reasons for migration include insecurity in the country and political instability. Economic factors causing migration is searching for higher income and favourable trading environment.
UK has strict rules governing migration. The government keeps track of all migrants and aims at reducing migration into the country. Though the rate of migration into the country is still higher than that of migration outside, the UK government is determined to control migration so as to manage population growth through migration.
In the labour market, buyers and seller trade competitively with each other. Labour is not homogeneous thus increasing competition in the market. Workers preference for work over leisure differ so does their preference for monetary and non-monetary rewards. Difference between workers is also present in their