Please give the definitions of the following terms:-
1- Gross National Product
2- Human Capital
3- Human Resource
4- Human Capital Formation
5- Physical Capital Formation
Dear student,
1. Gross NationalProduct-Gross national product (GNP) refers to the total value of all the goods and services produced by the residents and businesses of a country, irrespective of the location of production.
2.Human Capital-Human Capital is a measure of the skills, education, capacity and attributes of labour which influence their productive capacity and earning potential. Human capital of the economy – The aggregate human capital of an economy, which will be determined by national educational standards.
3.Human Resource-The term human resources refers to the size of the population of a country along with its efficiency, educational qualities, productivity, organisational abilities and farsightedness. It is the ultimate resource, but not equally, distributed over the world
4..Human Capital Formation-Human capital formation is the process of adding to the stock of human capital over a period of time. It refers to development of abilities, skills, education and experience among the population of the county.
5.Physical capital Formation-is referred to as one of the three main factors in the production process. Physical capital consists of items like machinery, buildings, equipment, etc. Physical capital includes man-made goods that are used in the process of production for converting raw material to finished goods
Regards
1. Gross NationalProduct-Gross national product (GNP) refers to the total value of all the goods and services produced by the residents and businesses of a country, irrespective of the location of production.
2.Human Capital-Human Capital is a measure of the skills, education, capacity and attributes of labour which influence their productive capacity and earning potential. Human capital of the economy – The aggregate human capital of an economy, which will be determined by national educational standards.
3.Human Resource-The term human resources refers to the size of the population of a country along with its efficiency, educational qualities, productivity, organisational abilities and farsightedness. It is the ultimate resource, but not equally, distributed over the world
4..Human Capital Formation-Human capital formation is the process of adding to the stock of human capital over a period of time. It refers to development of abilities, skills, education and experience among the population of the county.
5.Physical capital Formation-is referred to as one of the three main factors in the production process. Physical capital consists of items like machinery, buildings, equipment, etc. Physical capital includes man-made goods that are used in the process of production for converting raw material to finished goods
Regards