ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Investing in people through nutrition, health care, quality education, jobs and skills helps develop human capital, and this is key to ending extreme poverty and creating more inclusive societies.

Detailed explanation-2: -Capital goods include buildings, machinery, equipment, vehicles, and tools.

Detailed explanation-3: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy. How these factors are combined determines the success or failure of the outcome.

Detailed explanation-4: -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.