ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Expert-Verified Answer. As Turkey invests 3 percent of its GDP into education for its citizens, the productive resource which such investment is an example of is known as education funding.

Detailed explanation-2: -Human capital allows an economy to grow. When human capital increases in areas such as science, education, and management, it leads to increases in innovation, social well-being, equality, increased productivity, improved rates of participation, all of which contribute to economic growth.

Detailed explanation-3: -The Human Capital Project is a global eort to accelerate more and better investments in people for greater equity and economic growth. As of October 2022, 86 countries at all income levels are working with the World Bank Group on strategic approaches to transform their human capital outcomes.

Detailed explanation-4: -In other words, human capital refers to the ability and efficiency of people to transform raw materials and capital into goods and services, and the consensus is that these skills can be learned through the educational system.

Detailed explanation-5: -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.