ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Human capital refers to the knowledge, skill sets, and experience that workers have in an economy. The skills provide economic value since a knowledgeable workforce can lead to increased productivity. The concept of human capital is the realization that not everyone has the same skill sets or knowledge.

Detailed explanation-2: -What is human capital? 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.

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: -The most important resource in any economy or organization is its human capital-that is, the collective knowledge, attributes, skills, experience, and health of the workforce.

Detailed explanation-5: -Human capital refers to the stock of skill, ability, expertise, education, and knowledge in a nation at a point of time.