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Define Literacy rate, human capital, the cycle of poverty, and gross domestic product (GDP). What is...

Define Literacy rate, human capital, the cycle of poverty, and gross domestic product (GDP). What is the relationship between these? Explain in detail.

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Answer #1

Literacy rate- the percentage of people who are able to read and write.

Human capital - it refers to increase in productivity of labour. Now skills , abilities , knowledge are possesed by individuals.

Cycle of poverty-The cycle of poverty begins when a child is born into a poor family. ... On paper, the cycle of poverty has been defined as a phenomenon where poor families become impoverished for at least three generations.

Gross domestic product- it is Market value of all final goods and services produced with in domestic territory and country during accounting year.

All are related with each other

Literacy rate determine size of human capital. If literacy rate is high then human capital can be formulated. And vicous circle of poverty can be break and Gross domestic product can be increased

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