When the existing human resource is further developed by becoming more educated and healthy, we call it ____ and that adds to the productive power of the country.

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Detailed Solution

When the existing human resource is further developed by becoming more educated and healthy, we call it Human capital formation, which adds to the country's productive power.
Human capital can be considered the best among all other factors of production as other factors cannot be increased beyond a specific limit. However, the same is not the case with human resources, as it can be developed to any extent, and its return can be multiplied many times. Moreover, the human resource manages and controls the physical help. Thus, it is the human resource that activates other resources. When an existing human resource is developed, it is called human capital formation, which adds to the productive power of the country.

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