ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A country needs money in order to pay its workers
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Workers enjoy getting extra training and job opportunities
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Businesses cannot do all the training needed by workers to be successful
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A country’s economy is more successful when workers have good education and health care
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Detailed explanation-1: -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-2: -The formation of human capital raises production levels and leads to economic growth by adding to the GDP. Knowledgeable and skilled workers can make better use of resources at their disposal.
Detailed explanation-3: -From a macroeconomic perspective, the accumulation of human capital improves labor productivity; facilitates technological innovations; increases returns to capital; and makes growth more sustainable, which, in turn, supports poverty reduction.
Detailed explanation-4: -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-5: -Answer: Human capital can make use of land and capital for further production, whereas land and capital cannot become useful on its own.