ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The term human capital refers to the economic value of a worker’s experience and skills. Human capital includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.

Detailed explanation-2: -It is TRUE, that human capital formation creates physical capital. Physical capital consists of all the means of production that go towards producing goods and services. This capital can be in the form of plants and machinery, or services.

Detailed explanation-3: -Human Capital includes labor and other resources that humans can provide-education, experience or unique skills-that contribute to the production process.

Detailed explanation-4: -Human capital refers to the skills, knowledge, and abilities that workers possess and that contribute to their economic value. This includes both formal education and training as well as on-the-job experience.

Detailed explanation-5: -What is human capital and why does it matter? 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.