Answer:
<u>Human resources: </u>Refer to the human effort needed for the production of goods and services, and societies and economies need human resources to advance. These resources often include skilled and unskilled labor. Entrepreneurial and management skills are also human resources and refer to the ability to start and run economic activities.
<u>Natural resources</u>: Are elements and materials that have formed without any human action. They exist in nature, and people might take them and use them in their natural form or as raw materials for producing all types of objects. These resources can be renewable, like water, sunlight, wind and trees, or non-renewable, like fossil fuels, gold, iron, clay and other minerals. <u>Capital resources:</u> Include money to start a new business, tools, buildings, machinery, and any other goods people make to produce goods and provide services
Explanation:
Human capital and economic growth have a strong correlation. Human capital affects economic growth and can help to develop an economy by expanding the knowledge and skills of its people.
Human capital refers to the knowledge, skill sets, and experience that workers have in an economy. The skills provide economic value since a knowledgeable workforce can lead to increased productivity. The concept of human capital is the realization that not everyone has the same skill sets or knowledge. Also, the quality of work can be improved by investing in people's education.
<u>What Drives Economic Growth</u>
Economic growth is an increase in an economy's ability, compared to past periods, to produce goods and services. Economic growth is measured by the change in the gross domestic product (GDP) of a country. GDP is a representation of the total output of goods and services for an economy.
