ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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their main industry is the oil industry
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they have to bring in workers from other countries
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investing in human capital takes very little money
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they need well-trained workers because of their technology
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Detailed explanation-1: -Why have the Israelis made a big investment in human capital? They need well-trained workers because their economy depends on advanced technology. Why would the Saudi oil industry need a large investment in human capital? The technology in the oil industry is very complicated.
Detailed explanation-2: -Isreal has made a big investment in human capital because they need well-trained workers and : Their economy depends on advanced technology. The Saudi Arabia oil industry needs a large investment in human capital because: The technology in the oil industry is very complicated.
Detailed explanation-3: -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.
Detailed explanation-4: -Human capital affects economic growth and can help to develop an economy by expanding the knowledge and skills of its people. The level of economic growth driven by consumer spending and business investment determines the amount of skilled labor needed.
Detailed explanation-5: -The knowledge and skills that people obtain through education and experience are referred to as “human capital” by economists. People invest in human capital for similar reasons that businesses invest in physical capital and individuals invest in financial assets-they hope to earn income.