ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Capital Goods
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Entrepreneurship
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Natural Resources
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Human Capital
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Detailed explanation-1: -Human capital affects economic growth and can help to develop an economy by expanding the knowledge and skills of its people. The level of economic growth driven by consumer spending and business investment determines the amount of skilled labor needed.
Detailed explanation-2: -“To end POVERTY and boost SHARED PROSPERITY, countries need ROBUST, INCLUSIVE ECONOMIC GROWTH. And to drive growth, they need to BUILD HUMAN CAPITAL through INVESTMENTS in (1) HEALTH (2) EDUCATION and (3) SOCIAL PROTECTION for ALL CITIZENS.”
Detailed explanation-3: -Investment in education and on-the-job training helps to impart these skills and enhance the knowledge base and thus helps in the absorption of new technologies which leads to higher production and thus economic growth. Thus it is evident that human capital contributes to economic growth in various ways.