ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -’People as Resource’ is a way of referring to a country’s working people in terms of their existing productive skills and abilities. Looking at the population from this productive aspect emphasises its ability to contribute to the creation of the Gross National Product.

Detailed explanation-2: -Human resource refers to a country’s working people in terms of their existing productive skills and abilities. It is a way of referring to the working class of the society in terms of their existing productive skills and abilities.

Detailed explanation-3: -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-4: -Human resource becomes human capital when there is investment made in the form of education training and medical care. When the existing human resource is further developed by becoming more educated and healthy we call it human capital formation. Human capital adds to the productive power of the country.

Detailed explanation-5: -Human capital can be broadly defined as the stock of knowledge, skills and other personal characteristics embodied in people that helps them to be productive.