ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to improve the skills of the labor force
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to reduce competition between businesses
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to improve the technology used by businesses
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to reduce prices of goods demanded by consumers
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Detailed explanation-1: -These governments realize that the knowledge people gain through education helps develop an economy and boost economic growth. Workers with more education or better skills tend to have higher earnings, which, in turn, increases economic growth through additional consumer spending.
Detailed explanation-2: -When we invest in the human capital through education and training, it yields a high return because of higher productivity of more educated people. Investment in human capital can also be made by training of industrial and agricultural workers in the use of modern technology.
Detailed explanation-3: -Investment in Human Capital means making humans as human resources, i.e, to make them productive so that they contribute to the nation and society. This requires giving them education, medical care, relevant skills etc. Was this answer helpful?
Detailed explanation-4: -Ans. Investment in human capital can be made through education, training, medical care etc.
Detailed explanation-5: -c) When there is good investment in human capital it gives healthy and educated workforce and the participation rate increases which accelerate the process of economic growth and development of a nation.