Q. 145.0( 1 Vote )

Can you explain how a doctor, teacher, engineer and a tailor are an asset to the economy?

Answer :

Human resource refers to the country’s working people in terms of their existing productive skills and abilities. To make use of the land, labour, and physical capital, we will need somebody who acquires knowledge of producing goods and services. When population acquires knowledge and skills to work, they become human capital. When we invest in the human capital through education, training, and medical care in making a doctor, a teacher, an engineer, and a tailor, we increase their capabilities of providing different services to the people of the country, and they yield a high return because of higher productivity of more educated and healthier people. Therefore they are an asset to the economy of a nation.

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