ECONOMICS
HUMAN CAPITAL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Human capital
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Human development
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Human capital formation
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None of the above
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Detailed explanation-1: -Human capital is the stock of ‘skill and expertise’ of a nation at a point of time.
Detailed explanation-2: -Human capital refers to the stock of skill, ability, expertise, education, and knowledge in a nation at a point of time.
Detailed explanation-3: -Human capital consists of the knowledge, skills, and health that people invest in and accumulate throughout their lives, enabling them to realize their potential as productive members of society.
Detailed explanation-4: -If the labour force can be made more efficient through better education, training and health facilities then that human resource in a nation would be considered as the human capital. Hence, the stock of skill, ability, education and knowledge of people in a nation, at a point of time, refers to human capital.
Detailed explanation-5: -Human capital is a stock concept because we are talking about a particular point of time whereas human capital formation is a flow concept because we are adding to the stock of human capital by developing new skills, training etc.