Define the following: a) GDP b) Human capital c) Human capital formation d) IMR
Answers
Explanation:
GDP:-Gross Domestic Product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. GDP provides an economic snapshot of a country, used to estimate the size of an economy and growth rate.
Human capital:-the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
Human capital formation:-Meier defines Human Capital Formation as “human capital formation is the process of acquiring and increasing the number of persons who have education and experience which is essential for the economic and political development of a country”.
IMF( INFANT MORTALITY) :- Infant mortality is the death of young children under the age of 1. This death toll is measured by the infant mortality rate, which is the number of deaths of children under one year of age per 1000 live births.
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