ECONOMICS
HUMAN CAPITAL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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invest more money in developing solar and wind energy.
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lower interest rates to make borrowing money easier.
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commit to drilling for oil in protected wildlife areas.
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expand funding and opportunities for vocational training.
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Detailed explanation-1: -An economy’s productivity rises as the number of educated workers increases since skilled workers can perform tasks more efficiently. An economy is more valuable when equal education and labor opportunities are available across gender, race, age, and ethnicities.
Detailed explanation-2: -Some governments are actively involved in improving human capital by offering higher education to people at no cost. These governments realize that the knowledge people gain through education helps develop an economy and boost economic growth.
Detailed explanation-3: -Human capital is the major source of economic growth as there is a tangible increase through productivity and technological advancement. Most developing and developed countries realize the crucial role human capital development play in engendering the overall development of their nations.
Detailed explanation-4: -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.