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Economics of Development and Planning — Economics STD 12 — Question

Tamilnadu BoardEnglish MediumSTD 12EconomicsEconomics of Development and Planning5 Marks
Question
Explain the Human Resource of Economic Development?
✓

Answer

Human Resources:
  1. Human resource is named as human capital because of its power to increase productivity and thereby national income.
  2. There is a circular relationship between human development and economic growth.
  3. A healthy, educated and skilled labour force is the most important productive asset.
  4. Human capital formation is the process of increasing knowledge, skills and the productive capacity of people.
  5. It includes expenditure on health, education and social services.
  6. If labour is efficient and skilled, its capacity to contribute to growth will be high. For example Japan and China.

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