What are the two types of human capital formation? Explain them briefly.
Answer:
Answer by Student
The two types of human capital formation are expenditure on education and expenditure on health .
- Expenditure on education refers to the investment made by individuals or societies to acquire knowledge and skills that enhance the productivity and employability of the workforce.
- Expenditure on health refers to the investment made by individuals or society to improve the physical and mental well-being of the population, which also increases the efficiency and quality of work.
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