ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The quantity of educated workers boosts the economy’s production because competent people can execute activities more effectively. Equal education and employment opportunities for people of all genders, races, ages, and ethnicities increase the value of an economy.

Detailed explanation-2: -Education has been referred to as human capital due to its substantial contribution to economic growth, and public expenditure on education has been referred to as an investment in man or human capital.

Detailed explanation-3: -The four main factors of economic growth are land, labor, capital, and entrepreneurship.

Detailed explanation-4: -It helps in the development of human capital, productivity, creativity, poverty reduction, encourages entrepreneurship, technological advancements, women empowerment, social development, health awareness, and other areas where economic development can be boosted.

Detailed explanation-5: -It’s no secret that employment is a key component of economic growth. When people have jobs, they have money to spend on goods and services, which helps businesses grow and create more jobs. Countries with low unemployment rates will always be more economically viable than those with high unemployment rates.