ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An economy’s productivity rises as the number of educated workers increases since skilled workers can perform tasks more efficiently.

Detailed explanation-2: -GDP matters because it shows how healthy the economy is Rising GDP means the economy is growing, and the resources available to people in the country – goods and services, wages and profits – are increasing.

Detailed explanation-3: -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-4: -Higher economic growth leads to higher tax revenues and this enables the government can spend more on public services, such as health care and education e.t.c. This can enable higher living standards, such as increased life expectancy, higher rates of literacy and a greater understanding of civic and political issues.

Detailed explanation-5: -With investments in human capital, such as education, three major economic effects can be expected: increased expenses as the accumulation of human capital requires investments just as physical capital does, increased productivity as people gain characteristics that enable them to produce more output and hence.