“Human Capital: Education and Health in Economic Development”
(Reflection Paper)
We all know that education and health status play a significant role in every aspect
of life, right? But in today’s discussion, the class had gain knowledge of how crucial these
two factors in economic development.
Today’s discussion focused on human capital and the underlying factors within it.
The subtopic that I gained a lot of knowledge is the production cost. In that production
cost generally increases as more of a good is production, the supply price also tends to
rise with the quantity supplied. This fact will give rise to how essential element firms are.
The primary production is concerned with acquisition of raw materials, followed by the
conversion of these raw materials into finished goods, and finally, the tertiary which is the
distribution of the goods to the final consumers or clients. The factors of production are
the resources used in creating and producing a good or service and are the building blocks
of an economy. Then of course, with the involvement and production of goods and
services, there should be a Market Place. Inside this market place includes the “Market
Structure” of every existing firms. Firms with Perfect Competition and others with
Monopolistic Competition. In this subtopic I have understood that the in perfect
competition consists of a large number of relatively small firms with undifferentiated
product without any barriers. While the monopolistic competition on the other hand
consists of a single firm that produces product with no close substitutes
In general, human capital plays an important role in people's development,
improving the life and income, increasing knowledge, skill, and product capacities,
economic growth and reducing poverty. Moreover, in this increase of human capital with
an enhancement and improvement of educational attainment and maintaining of healthy
status, it is indeed safe to assume that a country’s economic growth and development.