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Human Capital, Manpower and Human Resources
As has already been noted earlier, the term human capital became popular after it was used by Theodore Schultz in the title itself of his Presidential Address to the American Economic Association. Schultz identified five sources/five forms of human capital which have already been noted. Classical economic theory recognised only two factors of production that best explained agricultural economies – Land and Labour.
With the growth of industrialisation in Europe and England, a third factor came to be recognised and that was capital in the form of machinery and equipments. Land, machinery and equipments were together treated as physical capital. With the popularity of ‘money’ as a medium of exchange in trade and services, a development over the barter system, David Ricardo distinguished between fixed capital like land or machinery from money which he referred to as ‘circulating capital’.
Capital make large scale production and greater degree of specialization possible. Thus with capital accumulation the advantages of large scale production and specializations are o
P=140-4Q mc1=20+30q for plant 1 mc2=80+10q for plant 2 how many units should be produced by plant 1 and plant 2 to maximise profit for this monopoly?
a. Using the data in the tables below, graph on the grid the demand and supply curves for milk, assuming that all factors other than the price of milk are held constant. Connect a
herberler theory of opportunity cost
sources of oligopory
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Q. Market Income and Socialism? Market Income: A household's total pre-tax income obtained from its activities in formal economy, including salaries andwages, investment income
Why in 1996 did the BEA switch to calculate real GDP using the "chained-dollar method" from the "constant-dollar method"? The BEA made the switch from the constant-dollar metho
Double Jeopardy A condition where an entrepreneur's main source of income and net worth depend on the entrepreneur's organization.
concept of supply
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