Question

By investing in human capital, German and British governments create a higher standard of living for their people. Order the events below - starting with what happens first - so that they demonstrate how that higher standard of living is acheived.

Answer 1

1. German and British governments invest in education and training programs to develop a highly skilled workforce.
2. Highly skilled workforce attracts foreign investment and increases economic competitiveness.
3. Increased economic competitiveness leads to higher wages and employment opportunities for the citizens.
4. Citizens enjoy a higher standard of living with better access to healthcare, education, and other social services.