Class 12 Economics Important Chapter 14 Human Capital Formation in India

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Class 12 Economics Important Chapter 14 Human Capital Formation in India

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Human Capital Formation in India

Chapter: 14

PART – B: INDIAN ECONOMIC DEVELOPMENT

IMPORTANT QUESTION AND ANSWER

Short Questions Answers:

1. What is human capital?

Ans: The stock of skills, abilities, expertise, knowledge and education embodied in people.

2. What is human capital formation?

Ans: The process of adding to the stock of human capital over time through education, health, training, migration, and information.

3. How is human capital different from human development in focus?

Ans: Human capital is a means to raise productivity; human development treats people’s well-being as an end in itself.

4. Give two examples of physical capital.

Ans: Machines and factory buildings.

5. State one key difference between physical and human capital regarding ownership.

Ans: Physical capital is separable from its owner; human capital is inseparable from its owner.

6. Name any two main sources of human capital formation.

Ans: Education and health.

7. What are the three types of health expenditures mentioned?

Ans: Preventive, curative, and social medicine (including safe water and sanitation).

8. What is “on-the-job training”?

Ans: Firm- or off-campus training that raises workers’ skills and productivity.

9. Why does migration count as human capital investment?

Ans: Because higher earnings at the destination typically exceed migration costs.

10. What does expenditure on information help with?

Ans: Making better decisions about education, jobs, and efficient use of acquired skills.

11. How does human capital aid the use of physical capital?

Ans: Skilled people operate and manage machines and technology more efficiently.

12. What is the link between human capital and innovation?

Ans: Education and skills foster inventions and adoption of new technologies.

13. Define economic growth in this chapter’s context.

Ans: An increase in real national income (often reflected in rising per-capita income).

14. Give one reason for government intervention in education and health.

Ans: Large, long-term impacts and social benefits that markets underprovide.

15. Name two education regulators/institutions mentioned.

Ans: NCERT and UGC (also AICTE).