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Human capital
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the accumulation of investments in people, such as education, on-the-job training, and experience expecting a return on your investment (higher wages)
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Benefits
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Higher earnings, lower unemployment, career, network, positive externality (economic growth/spillovers), etc; Benefits have been increasing over time
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Costs
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Tuition, forgone wages, studying, etc.
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Compensating differential
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a difference in wages that arises to offset the nonmonetary characteristics of different jobs
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Union
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a worker association that bargains with employers over wages and working conditions
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Discrimination
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the offering of different opportunities to similar individuals who differ only by race, ethnicity, gender, or other personal characteristics
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