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Consider the following statements:
Human capital formation as a concept is better explained in terms of a process which enables
  • a)
    Individuals of a country to accumulate more capital.
  • b)
    Increasing the knowledge, skill levels and capacities of the people of the country.
  • c)
    Accumulation of tangible wealth.
  • d)
    Accumulation of intangible wealth.
Correct answer is option `B`. Can you explain this answer?
Verified Answer
Consider the following statements:Human capital formation as a concept...
Human capital formation is the process of enhancing and developing the knowledge, skills, abilities, and capacities of individuals. It is an investment in human beings, aimed at increasing their productive skills and knowledge. The concept of human capital formation is widely used in the field of economics, and it is considered as an essential ingredient for economic development.
The accumulation of tangible and intangible wealth is not the main objective of human capital formation. Instead, the focus is on improving the quality of human resources by increasing the knowledge, skill levels, and capacities of people. This, in turn, leads to the creation of a skilled and competent workforce that can contribute to the economic development of the country.
Therefore, statement (b) is the correct explanation of human capital formation.
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Consider the following statements:Human capital formation as a concept is better explained in terms of a process which enablesa)Individuals of a country to accumulate more capital.b)Increasing the knowledge, skill levels and capacities of the people of the country.c)Accumulation of tangible wealth.d)Accumulation of intangible wealth.Correct answer is option `B`. Can you explain this answer?
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Consider the following statements:Human capital formation as a concept is better explained in terms of a process which enablesa)Individuals of a country to accumulate more capital.b)Increasing the knowledge, skill levels and capacities of the people of the country.c)Accumulation of tangible wealth.d)Accumulation of intangible wealth.Correct answer is option `B`. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements:Human capital formation as a concept is better explained in terms of a process which enablesa)Individuals of a country to accumulate more capital.b)Increasing the knowledge, skill levels and capacities of the people of the country.c)Accumulation of tangible wealth.d)Accumulation of intangible wealth.Correct answer is option `B`. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements:Human capital formation as a concept is better explained in terms of a process which enablesa)Individuals of a country to accumulate more capital.b)Increasing the knowledge, skill levels and capacities of the people of the country.c)Accumulation of tangible wealth.d)Accumulation of intangible wealth.Correct answer is option `B`. Can you explain this answer?.
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