ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Examples of human capital include communication skills, education, technical skills, creativity, experience, problem-solving skills, mental health, and personal resilience.

Detailed explanation-2: -Through investment, businesses can build up their stock of physical capital, which increases their capacity to produce goods and services. For example, when a restaurant purchases an additional grill, it increases its capacity to prepare food over any given time period.

Detailed explanation-3: -Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else.

Detailed explanation-4: -Which of the following scenarios is an example of an investment in human capital? A firm pays for workers to take college classes.