ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Productivity increases have enabled the U.S. business sector to produce nine times more goods and services since 1947 with a relatively small increase in hours worked. With growth in productivity, an economy is able to produce-and consume-increasingly more goods and services for the same amount of work.

Detailed explanation-2: -Higher levels of educational attainment lead to a more skilled and productive workforce, producing more efficiently a higher standard of goods and services, which in turn forms the basis for faster economic growth and rising living standards.

Detailed explanation-3: -It helps in the development of human capital, productivity, creativity, poverty reduction, encourages entrepreneurship, technological advancements, women empowerment, social development, health awareness, and other areas where economic development can be boosted.

Detailed explanation-4: -These children are the future and will be responsible for the development of the nation. Nelson Mandela said, “Education is the most powerful weapon which you can use to change the world”. Countries today compete on literacy rates which ultimately leads to higher economic growth and economic development.