ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Standard of learning
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Technological knowledge
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Physical capital
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Human capital
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Detailed explanation-1: -Human capital: The knowledge and skills that workers acquire through education, training and experience.
Detailed explanation-2: -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-3: -Although economics graduate programs have varying admissions requirements, graduate training in economics is highly mathematical. Most economics PhD programs expect applicants to have had advanced calculus, differential equations, linear algebra, and basic probability theory.
Detailed explanation-4: -Which of the following scenarios is an example of an investment in physical capital? A firm purchases new equipment for a manufacturing process.