People as Resource Chapter Overview

Human capital is the stock of skill and productive knowledge embodied in the population.

The chapter views population as an asset for the economy rather than a liability.

'Human capital formation' refers to the further development of the existing 'human resource' through education and health, which adds to the productive power of the country.

<p>Investment in human capital yields returns in the form of higher incomes earned due to higher productivity of educated and trained individuals, as well as the higher productivity of healthier people.</p> Signup and view all the answers

<p>The positive aspect of a large population is its potential as a 'human resource' and its ability to contribute to the creation of the Gross National Product.</p> Signup and view all the answers