Define ‘Human Capital Formation’.
Define ‘Human Capital Formation’.
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Solution and Explanation
Human capital means the skills, knowledge and good health of the people of a country.
Formation means building up. So human capital formation is the process of building up this stock.
Step 2: State the definition:
Human Capital Formation is the addition to the stock of human capital over a given period of time.
It happens through spending on education, health, on-the-job training, migration and information.
Final Answer:
Human Capital Formation refers to the addition to the stock of human capital over a given period of time.
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