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Economics · 2023 · 4 marks
CBSE 2023 · Region 4 · Set 2 · Q32
“There are many factors which contribute to human capital formation of a country.” Do you agree with the statement? Justify your answer.
“There are many factors which contribute to human capital formation of a country.” Do you agree with the statement ? Justify your answer.
Marking-scheme solution
The given statement is true.
Human capital formation is a vital component in the development of a nation.
It is affected by multiple factors like the amount of expenditure on education and health, nature and type of on-the-job trainings provided to the employees, expenditure by people on migration and acquisition of knowledge.
Various nations have attained different levels of economic growth and development by concentrating on these factors.
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