ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Humans used by businesses.
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Knowledge and skills that make it possible for workers to earn a living.
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Humans used by the government planners in factories.
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Factories, machines, and technology that people use to make products to sell.
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Detailed explanation-1: -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-2: -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-3: -History of Human Capital The idea of human capital can be traced back to the 18th century. Adam Smith referred to the concept in his book An Inquiry into the Nature and Causes of the Wealth of Nations, in which he explored the wealth, knowledge, training, talents, and experiences of a nation.
Detailed explanation-4: -This includes factors like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality. The human capital theory posits that human beings can increase their productive capacity through greater education and skills training.
Detailed explanation-5: -In most countries, human capital determines the rate of development, economic, technological, and scientific progress. Human capital leads to more innovations in the areas of production and other related activities. Innovation leads to more growth. Human capital also creates the ability to absorb new technologies.