Advertisements
Advertisements
प्रश्न
"Expenditure on On-the-job training is an important means of human capital formation in an economy."
Give valid reasons to justify the given statement.
Advertisements
उत्तर
Yes, Expenditure on 'On the job training' is an important means of human capital formation in the economy.
Reasons:
- Updation of new skills: There are several skills that employees are inexperienced with. Employee training at work enables individuals to improve their skills. Teachers have found the usage of smart boards and mobile devices, for instance, to be extremely helpful during the time of Covid.
- Increase in productivity: The development of new skills aids in improving an employee's productivity or efficiency. They execute a task in comparably less time than before.
- Increase in expertise: Employees become experts at a task when they accomplish it consistently while utilizing new skills. Additionally, it boosts employees' self-confidence.
- Economic growth: The majority of employees gain new skills and contribute to GDP growth, therefore investing in "on the job training" is helpful for economic growth in addition to the business and the employees.
APPEARS IN
संबंधित प्रश्न
What are the two major sources of human capital in a country?
Discuss the following as a source of human capital formation
Health infrastructure
Discuss the following as a source of human capital formation
Expenditure on migration.
Explain how investment in education stimulates economic growth.
Trace the relationship between human capital and economic growth.
______ five-year plan recognized the importance of human capital.
Which one of the following is a reason for poor human capital formation in India?
Which one of the following is a major source of human capital formation in the country?
Which of the following institutes comes under the health sector?
Which of the following is not the role of on-the-job training?
Ms. Ramanpreet has started a new business venture, she intends to spend a huge amount towards ‘on-the-job training’ of her workers before putting them to work. It exhibits the right step in the direction of Human Capital Formation.
Spot which of the following does not directly contribute to the process of human capital formation by Ms. Ramanpreet -
Read the given case study and answer the questions
Traditional economic theory viewed capital in physical terms only. Economists during the late 1950s based on the aggregate production function found that the standard measures of simple labour and physical capital were incapable of explaining adequately the rapid post-war growth. Speculations on what was missing were diverse. Some argued that the principal explanation lays in the lack of appropriate adjustments for improvement in the quality of physical capital and the embodiment of technical progress in that capital. Others suggested that the most important omission pertains to the organisational advance or a vaguely specified human capital. The residual of unexplained growth was at first ascribed to technology by Solow, but later, the residual was defined to include improvements in the quality of capital can the investment in human beings. Human capital is formed with improvement in skills education. Improved health and education is merit as well as a public good and is associated with a large number of externalities which are often indirect, indivisible and non-quantifiable.
Which of the following gives the definition of public goods?
Read the given case study and answer the questions
Traditional economic theory viewed capital in physical terms only. Economists during the late 1950s based on the aggregate production function found that the standard measures of simple labour and physical capital were incapable of explaining adequately the rapid post-war growth. Speculations on what was missing were diverse. Some argued that the principal explanation lays in the lack of appropriate adjustments for improvement in the quality of physical capital and the embodiment of technical progress in that capital. Others suggested that the most important omission pertains to the organisational advance or a vaguely specified human capital. The residual of unexplained growth was at first ascribed to technology by Solow, but later, the residual was defined to include improvements in the quality of capital can the investment in human beings. Human capital is formed with improvement in skills education. Improved health and education is merit as well as a public good and is associated with a large number of externalities which are often indirect, indivisible and non-quantifiable.
In the context of the above paragraph, the ‘residual’ factor include ______.
When does economic growth leads to economic development?
The newly emerging jobs are found mostly in the ______ sector.
Consider the following statements:
Statement 1: Resources or factors of production can be natural, human, capital, and entrepreneurial.
Statement 2: An economy must make a choice of the wants which are important for the economy.
Benefits of physical capital accrue only to private entities, whereas human capital provides private as well as ______ benefits.
“Ravya was initially working as an office clerk in a firm. In the pursuit to attain, a higher position and income, she attended a few on-the-job training sessions. These sessions contributed positively to her skills and expertise.”
Explain the impact of Ravya’s decision on human capital formation.
