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Singapore was a small and densely populated nation, with very few natural resources and little space to grow outwards. Recognizing this, Lee identified that the key advantage that Singapore held was its human capital, and its ability to provide highly educated citizens capable of competing in global industry and trade.
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
A Home Economics instructor giving a demonstration, Seattle, 1953 A training class 1985 at Wittgenstein Reifenstein schools. Home economics, also called domestic science or family and consumer sciences (often shortened to FCS or FACS), [1] is a subject concerning human development, personal and family finances, consumer issues, housing and interior design, nutrition and food preparation, as ...
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
It is used in technical economics to define "balanced growth", which is the goal of improving human capital as much as economic capital. Public capital is a blanket term that attempts to characterize physical capital that is considered infrastructure and which supports production in unclear or poorly accounted ways.
Human resource management (HRM) is the strategic and coherent approach to the effective and efficient management of people in a company or organization such that they help their business gain a competitive advantage.
The term "overshoot" represents the level by which human population's demand overshoots the sustainable amount of biological resources regenerated on Earth. When viewed through an economic perspective, the annual Earth Overshoot Day represents the day by which the planet's annual regenerative budget is spent, and humanity enters environmental ...
The purpose of calculating economic profits (and thus, opportunity costs) is to aid in better business decision-making through the inclusion of opportunity costs. In this way, a business can evaluate whether its decision and the allocation of its resources is cost-effective or not and whether resources should be reallocated. [15]
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