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Economics class ninth 1.what do you mean by human resources 2.what is the difference between skilled and unskilled labour 3.write the kinds of physical capitals with their example?
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Economics class ninth 1.what do you mean by human resources 2.what is ...
Labour as Max Mcguigan said, is the amount of work needed to produce a good or service. It may be measured in terms of manhours or number of people. Labour is the aggregate of all human physical and mental effort used in creation of goods and services.
Capital does not only include cash, but also physical equipment and machinery needed to produce. Capital is a more intricate term, as it is used in multiple fields of business. There are different types of capital, but here are three major ones - Physical capital (e.g. machinery, computers, software, buildings), Financial capital (cash), Human capital (workers' knowledge, experience, skills). In classic economic models of economic growth that use the form of a Cobb-Douglas production function, capital is most often used to refer to physical capital. In broader use, it often refers to financial capital.
The differences between the two are intuitive, and derive from their definitions. But here are two differences:
The measurement unit of labour is personal (i.e. 1 person) or in time (i.e. 1 hour of labour etc.). The measurement unit of capital is generally monetary ($1 of capital stock).
The return on labour to the owners of labour is the wage rate. The return on capital to the owners of capital is the interest rate (in the case of financial capital, or rent in the case of physical capital);Labor quantity is the amount of workers you have.
Labor capital is how productive each worker is.
Think quantity vs quality (capital).
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Economics class ninth 1.what do you mean by human resources 2.what is the difference between skilled and unskilled labour 3.write the kinds of physical capitals with their example?
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Economics class ninth 1.what do you mean by human resources 2.what is the difference between skilled and unskilled labour 3.write the kinds of physical capitals with their example? for Class 9 2024 is part of Class 9 preparation. The Question and answers have been prepared according to the Class 9 exam syllabus. Information about Economics class ninth 1.what do you mean by human resources 2.what is the difference between skilled and unskilled labour 3.write the kinds of physical capitals with their example? covers all topics & solutions for Class 9 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Economics class ninth 1.what do you mean by human resources 2.what is the difference between skilled and unskilled labour 3.write the kinds of physical capitals with their example?.
Economics class ninth 1.what do you mean by human resources 2.what is the difference between skilled and unskilled labour 3.write the kinds of physical capitals with their example? for Class 9 2024 is part of Class 9 preparation. The Question and answers have been prepared according to the Class 9 exam syllabus. Information about Economics class ninth 1.what do you mean by human resources 2.what is the difference between skilled and unskilled labour 3.write the kinds of physical capitals with their example? covers all topics & solutions for Class 9 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Economics class ninth 1.what do you mean by human resources 2.what is the difference between skilled and unskilled labour 3.write the kinds of physical capitals with their example?.
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