7.
How is human capital formed?
Answers
Explanation:
Human capital refers to stock of 'skill and expertise' embodied in humans. ... Human capital formation is the process of adding to stock of human capital over time. Human capital can be developed through creation of skilled, trained and efficient labour force by providing better education, health care facilities, etc.
ANSWER
Human capital formation is the process of transforming the people in a country into workers who are capable of producing goods and services. During this process, relatively unskilled individuals are given the tools they need to contribute to the economy. It is critical to the long-term economic growth of a country, and provides the same benefits as new technologies or more efficient industrial equipment. While this process takes time, it often results in a greater standard of living for the people within a country in just a few generations, or ever sooner. This process can be achieved through the use of public health policies, education or training opportunities.