Q: Human resources are superior to other resources because __________.

Human resource is different from other resources like land and physical capital in the following ways: From economic development perspective, human resources exhibit multiple importances i.e. at one end human resource act both producers as well as consumers. Human resource makes use of other resources like land and physical capital to produce an output. Human resources are considered superior to other resources as it is not confined to one region or place. It can spread to other places and diversify.

Q: Which of the following explains the term economic growth?

An increase in the amount of goods and services produced per head of the population over a period of time is called economic growth. It includes increase in per capita production, per capita real income and structural change in economics. It talks about quantitative increase but not qualitative increase.

Q: Which of the following explains the term economic development?

Economic development is the economic growth accompanied by improvement in well being of man. For example just increase in national income or increase in production of goods and services is not an economic development but it is economic growth. It should be accompanied by improvement in the quality of life like improvement in the technology involved, improvement in production, improvement in distribution system.

Question 1

Distinguish between physical capital and human capital.

Accepted Answer

Differences between physical capital and human capital.Physical Capital   Human capital1. Any non-human asset made by humans and then used in production it is known as physical capital.   1. When the existing 'human resource' is further developed by becoming more educated and healthy we call it human capital formation that adds to the productive power of the country.2. It is tangible and can be sold in the market, e.g., goods like a bus or a machine.   2. It is not tangible and cannot be sold in the market because it is naturally built in the mind and body of its owner, only the services of human capital can be sold.3. Physical capital is separable from its owner.   3. Human capital is inseparable from its owner.4. Physical capital benefits only the owner.   4. Human capital benefits not only the owner but the society in general.5. Physical capital is inferior to human capital.      5. Human capital is superior to other resources like land and physical capital.6. Physical capital cannot become useful on its own.    6. Human capital can make use of physical capital.

Question 2

Human resources are superior to other resources because __________.

Accepted Answer

&#10;&#10;Human resource is different from&#10;other resources like land and physical capital in the following ways: &#10;&#10;From economic development&#10;perspective, human resources exhibit multiple importances i.e. at one end human&#10;resource act both producers as well as consumers. Human resource makes use of other&#10;resources like land and physical capital to produce an output. Human resources are considered&#10;superior to other resources as it is not confined to one region or place. It&#10;can spread to other places and diversify.&#10;&#10;&#10;&#10;&#10;&#10;

Question 3

Which of the following explains the term economic growth?

Accepted Answer

An&#10;increase in the amount of goods and services produced per head of the population&#10;over a period of time is called economic growth. It includes increase in per capita production,&#10;per capita real income and structural change in economics. It talks about&#10;quantitative increase but not qualitative increase.

Question 4

Which of the following explains the term economic development?

Accepted Answer

Economic&#10;development is the economic growth accompanied by improvement in well being of man.&#10;For example just increase in national income or increase in production of goods&#10;and services is not an economic development but it is economic growth. It should&#10;be accompanied by improvement in the quality of life like improvement in the&#10;technology involved, improvement in production, improvement in&#10;distribution system.

Question 5

Which of the following is NOT an indicator of economic development?

Accepted Answer

Decreased women participation in job market is not an indicator of economic development. It is not an indicator of economic development as the decreasing percentage of women will generate lower level of national income, in turn national output of an economy will also get decreased. Thus, decreased women participation in job market does not signify economic development.

Question 6

Which capital would you consider the best - land, physical capital, or human capital? Why?

Accepted Answer

Among land, physical capital and human capital, the human capital is the best because human capital can make use of land, labour and physical capital. Land and capital cannot become useful on its own. Human capital is only the human resource that utilises other resources like land and investments which cannot become beneficial on their own.

Question 7

How does investment in human capital contribute to economic growth?

Accepted Answer

1:Investment in human capital is believed to be positively related to economic growth. It leads to efficient utilisation of the material inputs and capital. With increase in productivity, output increases at an increasing rate and hence economic growth accelerates. 2:Human capital is the fundamental source of economic growth. It is a source of both increased productivity and technological advancement.Human capital is described as the skills, training, and health acquired through on the job training and education.3:Economists have long believed that investments in education, or &#8220;human capital,&#8221; are an important source of economic growth.

Question 8

Gross domestic capital formation includes:

Accepted Answer

Gross domestic capital formation refers to the net increase in the physical asset by the household, public, and government sector within the measurement period of the economy. Therefore, it includes the fixed capital formed in that period i.e. fixed assets, change in stock i.e. changes in inventories, and valuables that is valuation of sold out stocks retained.

Question 9

Investment in human capital is expenditure on _____.

Accepted Answer

Investment in human capital is expenditure on:-EducationTrainingHealthcare

Question 10

Population becomes human capital when there is investment made in the form of education, training and _______.

Accepted Answer

Population becomes human capital when there is investment made in the form of education, training and medical care.

Factors Determining Human Capital

Language

Rate

REVISE WITH CONCEPTS

Population

Human Capital

QUICK SUMMARY WITH STORIES

Human Resources and their Distribution