Why is human capital the most important factor of production
Asked by admin @ in Geography viewed by 319 People
Why is human capital the most important factor of production?
Answered by admin @
Hi friend,
Why Human Capital is most important factor for production?
Here is the answer:
》》》》》》》》》》》》》》》》
☆ HUMAN CAPITAL IS THE STOCK OF SKILL AND PRODUCTIVE KNOWLEDGE EMBODIED IN HUMANS
☆ HUMAN CAPITAL INCLUDES EDUCATION,TRAINING AND MEDICAL CARE BECAUSE EVEN THOUGH THE MACHINES OR PHYSICAL CAPTIAL IS ESSENTIAL THERE THE HUMAN'S SKILL IS IMPORTANT TO OPERATE IT.
☆ THIS DIRECTLY COMES IN A FORM OF HIGHER INCOME EARNED BECAUSE OF HIGH PRODUCTIVITY OF MORE EDUCATED AND SKILLFUL/BETTER TRAINED ARE INCLUDED.
☆ AND THUS THE HUMANS INCREASE THE PRODUCTIVITY, IT IS SAID THAT THE HUMAN CAPITAL ALSO PLAYS A MAJOR ROLE IN CULTIVATING THE PRODUCTION.
》》》》》》》》》》》》》》》》
Hope my answer helps you
Mark as brainliest if you like :)
Regards,
Shobana
^_^
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