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 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?

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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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