Macro and micro Economics. Business & Marketing Essay (Essay Sample)

Economics
Student’s Name
Institutional Affiliation
Question 1
Human capital is a vital factor in the production process. A significant source of human capital is an investment in education. It is through education that individuals are impacted by necessary knowledge regarding operations of the economy. People acquire the skills necessary for executing certain tasks. A nation that spends wisely on education is better placed on attaining human capital in the future. Educated people are further better placed to receive well-paying jobs in the economy. Educated people are always in demand in the job market. A classic example is communities that have placed a high value on education tend to have a good supply of human capital. Such countries include United States of America and Russia.
A notable source of human capital in the economy is an investment in human health. Human health is considered to vital factor the economic advancement of a nation. It is considered that a healthy population is a productive population. In cases where there is an outbreak of diseases in a community, failure to contain the spread of the diseases may lead to loss of lives. Large-scale loss of lives in implies that a community may face a labor shortage in the future. However, in the case where nation invests significantly on the health of its population, it is likely that the nation will be guaranteed of a healthy population in the future that could be part of its future workforce.