Human Capital Formation

Human Capital

The stock of skill, ability, expertise, education, and knowledge available in human beings.

Physical Capital

All inputs required in the production process, such as machines, tools, and factory buildings.

Human Capital Formation

The process of accruing and increasing the number of people with the relevant skills, education, and experience important for economic and political development.

Investment in Education

A crucial source of human capital formation, enhancing and enlarging the productive workforce of a country.

On-the-Job Training

Training provided to workers within their firm, which enhances their productivity.

Migration

The movement of people, often in search of better job opportunities, which can contribute to human capital formation.

Expenditure on Information

Costs incurred to acquire information related to labor markets, education, and health institutions.

Gross Enrolment Ratio (GER)

The total enrolment in a specific education level as a percentage of the eligible official age group population.

Right to Education (RTE) Act

A law enacted in India in 2009 that makes free education a fundamental right for children aged 6-14.

Secondary Education

Education that follows primary education, typically encompassing classes IX and X, leading to higher secondary classes XI and XII.

Literacy Rate

The percentage of people who are able to read and write in a given population.

Sarva Shiksha Abhiyan (SSA)

A program launched in India to universalize and improve the quality of elementary education.

Kasturba Gandhi Balika Vidyalaya (KGBV)

A scheme for setting up residential schools for girls from marginalized communities.

Technical Education

Education that focuses on developing skilled manpower and enhances industrial productivity.

Higher Education System

Includes both general and technical education, which has expanded significantly since India's independence.

Opportunity Cost

The potential benefit that is missed out on when one alternative is chosen over another.

Supply and Demand

The economic model that determines the price of goods in a market based on availability and consumer desire.

Market Equilibrium

The point at which the quantity of goods supplied equals the quantity demanded.

Fiscal Policy

The use of government spending and tax policies to influence economic conditions.

Monetary Policy

The management of money supply and interest rates by central banks to control inflation and stabilize currency.

Inflation Rate

The percentage increase in the price level of goods and services over a period of time.

Gross Domestic Product (GDP)

The total monetary value of all finished goods and services produced within a country's borders in a specific time period.

Economic Growth

The increase in the production of goods and services in an economy over time, often measured by GDP growth.

Unemployment Rate

The percentage of the labor force that is jobless and actively seeking employment.

Balance of Payments

A record of all economic transactions between residents of a country and the rest of the world over a specific period.

What is Human Capital Formation?

The process of accruing and increasing the number of people with relevant skills, education, and experience.

What does Investment in Education involve?

Enhancing and enlarging the productive workforce of a country through education.

What does On-the-Job Training refer to?

Training provided to workers within their firm, enhancing their productivity.

What is Migration?

The movement of people in search of better job opportunities, contributing to human capital formation.

What are Expenditures on Information?

Costs incurred to acquire information related to labor markets, education, and health institutions.

What is Gross Enrolment Ratio (GER)?

Total enrolment in a specific education level as a percentage of the eligible age group population.

What does the Right to Education (RTE) Act ensure?

Free education as a fundamental right for children aged 6-14 in India.

What is Secondary Education?

Education following primary education, typically encompassing classes IX-X and leading to higher secondary classes.

What does Literacy Rate measure?

The percentage of people able to read and write in a given population.

What is Sarva Shiksha Abhiyan (SSA)?

A program launched in India to universalize and improve the quality of elementary education.

What is the purpose of Kasturba Gandhi Balika Vidyalaya (KGBV)?

To set up residential schools for girls from marginalized communities.

What is Technical Education?

Education focused on developing skilled manpower and enhancing industrial productivity.

What does Higher Education System include?

Both general and technical education, expanded significantly since India's independence.