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How is investment in Human capital helpful in economic development? |
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Answer» Human capital refers to the knowledge, skill sets and motivation people have, which provide economic value. Human capital realizes that not everyone has the same skill sets or knowledge and that quality of work can be improved by investing in people’s education. Economic growth is an increase in an economy’s ability, compared to past periods, to produce goods and services. It can be determined by measuring the change in the real gross domestic product (GDP) of a country. A healthy human capital is also an important factor of economic development. |
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