Question

• Opportunity Cost, Scarcity, Production Efficiency, Allocative Efficiency, Incentives, Human Capital, Specialization, and Comparative Advantage

Instructions and Steps:

1. View the following 3 TED Talks (video presentations). As you watch the videos, take notes of any relevant information.

• Inside the mind of a master procrastinator | Tim Urban
  • The habits of highly boring people | Chris Sauve
  • The Art of Letting Go | The Minimalists

2. Decide which of the 3 TED Talks best responds to this question;

• • How can identifying your opportunity costs, help you make better choices?

      

Answer 1

I hope this answer will helpful for you..!!!

Human capital is a factor of production which increases the economic growth with increase in the investment in its skills, training, education and this resultantly increases its productivity and economic growth, that's why nations around the world subsidise the education in order to boost its economic growth. Higher education fetches high number of opportunities for the individual and fetches them higher salaries since organizations value them since they relate them with their growth since these highly educated people will bring them increased productivity, quality, innovative ideas, creativity and future growth. Human capital term was first used by Jacob Mincer in his article "Investment in Human capital and Personal Income Distribution" in 1958. Gary Becker has also contributed to the idea of Human Capital in his book "Human Capital" in 1964 who was an economist and noble prize winner from the university of Chicago. Theodore Schultz has also contributed to the development of idea of Human Capital. Human capital can be distributed into three parts: 1 Intellectual Capital, 2 Social Capital, 3 Emotional Capital Human capital is managed by Human Resource departments of the companies/business firms and their work is to give them adequate training(skills training, soft skills training, email etiquette training), recruitment, retention policy, reward policy, etc.) and this all contributes into enhancement in the skills, growth of the company and to achieve its future goals. Human capital when given recognition and valued and given opportunity to participate in decision making process in an organization feels engaged and happily contributes their innovative ideas, creativity for the growth of the company. HCI(Human Capital Index) which is published by World Bank for every country for which data is available and assign values to the companies as per their given performance data. For example USA has overall 0.76 HCI for 2018 and for boys it is 0.73 and for girls it is 0.76 and survival to age 5 is 0.99 and for boys it is 0.99 and for girls it is 0.99 and adult survival rate is 0.9 USA is a high income country which has good relation with its HCI and HCI's overall score reflects its economic growth and the nation which has invested in its human capital has growth economically and ranks high on world bank's HCI !!!