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Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. HR department performs human resource management, overseeing various aspects of employment, such as hiring, evaluating, compensating, and developing employees.
Human capital is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Learn about its history, types, and impact on economic growth and welfare.
A resource is any material or factor that helps us satisfy our needs and wants. Learn about the different kinds of resources, such as natural, human, capital, and computer resources, and how they are classified and managed.
Personnel economics has been defined as "the application of economic and mathematical approaches and econometric and statistical methods to traditional questions in human resources management". [1] It is an area of applied micro labor economics , but there are a few key distinctions.
Labour economics is the branch of economics that studies the markets for wage labour and the factors that influence wages, employment and income. It uses microeconomic and macroeconomic techniques to examine the supply and demand of labour, the role of human capital and entrepreneurship, and the effects of labour market policies and trends.
Economics is a social science that studies the production, distribution, and consumption of goods and services. It can be divided into microeconomics, macroeconomics, and other fields, and it can be applied to various domains of society and policy.
The Human Development Index (HDI) is a measure of human development based on health, education, income and living conditions. See the HDI values, rankings and trends of 193 countries and one territory for 2022, as well as the dimensions and indicators used to calculate the index.
Scarcity is the limited availability of a commodity or resource that people want to use or consume. Learn about the two types of scarcity, absolute and relative, and how they relate to economic theory, population growth and Malthusianism.