ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What Is Human Capital? The term human capital refers to the economic value of a worker’s experience and skills. Human capital includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.

Detailed explanation-2: -Human Resources (Labor) – Also called labor resources. The mental and physical skills and abilities of people that are used to produce goods or services.

Detailed explanation-3: -In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-4: -Labor as a Factor of Production Labor itself includes all types of labor performed for an economic reward, such as mental and physical exertion. The value of labor also depends on human capital, which is determined by the individual’s skills, training, education, and productivity.