ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Human capital is the accumulated knowledge (from education and experience), skills, and expertise that the average worker in an economy possesses. Typically the higher the average level of education in an economy, the higher the accumulated human capital and the higher the labor productivity.

Detailed explanation-2: -Productivity is commonly defined as a ratio between the output volume and the volume of inputs. In other words, it measures how efficiently production inputs, such as labour and capital, are being used in an economy to produce a given level of output.

Detailed explanation-3: -Human capital can be broadly defined as the stock of knowledge, skills and other personal characteristics embodied in people that helps them to be productive.

Detailed explanation-4: -The four determinants of productivity include physical capital, natural resources, human capital and technological productivity. Physical property outlines the types of equipment that are utilized to produce products and services.