how Bangladesh can reap maximum benefits from her human resources through productive utilization of physical resources.
1.3.4 Utilization of Budget
Utilization of budget means use of budget for higher education considering productive and unproductive means. Utilization of budget is clearly explained in the conceptual framework of the study.
1.3.5 Education
Education in the wider sense is any act or experience that has a formative effect on the mind, character, or physical ability of an individual. In its technical sense, education is the process by which society deliberately transmits its accumulated knowledge, skills, and values from one generation to another.
1.3.6 Higher Education
By the term higher education in Bangladesh, we normally mean education at the tertiary level beyond the higher secondary level (Islam, 2012, p.57). In Bangladesh higher education refers to university and tertiary level college education, comprising undergraduate and postgraduate programs in a wide selection of disciplines including humanities, social science, commerce, business and the sciences; technical, medical, agriculture, and nursing education and teachers’ training (UGC, 2006, p.4).
1.3.7 University
A University is a place where new knowledge is created and disseminated for the welfare and development of human beings (Aminuzzaman, 2011).
1.3.8 Public University
The term "public" indicates that the university's funding comes partly from state taxpayers. Public Universities are the Government’s Universities. A public university is a university that is mostly funded by public means through a national or sub national government.
1.3.9 Human Resource Development (HRD)
Human resource development (HRD) is the process of augmenting knowledge, developing skills and capacities of the people in a society. HRD has the potential to develop work based knowledge, identify future workforce demands and formulate the organizational strategy that considers capacity for comprehending and dealing with the future socio-economic development (Khan, 2009, p. 2).
1.3.10 Gross Domestic Product (GDP)
GDP is the total market value of the final goods and services produced within a nation during a given year. The GDP is the most comprehensive measure of a nation’s total output of goods and services. It is the sum of the money values of consumption (C), gross investment (I), government purchases of goods and services (G), and net exports (X) produced within a nation during a given year (Samuelson & Nordhaus, 2005, p. 424).
In symbols:
GDP=C+I+G+X
There are two ways to measure GDP. Nominal GDP is calculated in actual market prices. Real GDP is calculated in constant or invariant prices (Samuelson & Nordhaus, 2005, p. 408).
1.3.11 Gross National Product (GNP)
Gross National Product (GNP) is the total final output produced with inputs owned by the residents of a country during a year. GNP is the total output produced with labor and capital owned by a country’s residents (Samuelson
& Nordhaus, 2005, p. 34). It is a measure of the current output of economic activities in the country (Dewett, 2005, p. 442). GNP is calculated using the following formula:
GNP=GDP- Goods and services produced in the country by residents of other country+ Goods and services produced by the residents of the country in other country.
1.3.12 Net National Product (NNP)
The market value of all final goods and services after providing for depreciation is called net national product. It is also called national income (NI) at market price (Dewett, 2005, p. 442). NI represents the total incomes received by labor, capital and land. It is calculated by subtracting depreciation from GDP. National income equals total consumption of labor, rental income, net interest, income of proprietors, and corporate profits (Samuelson & Nordhaus, 2005, p. 436).
1.3.13 Unemployment
A person aged 15 years and over considered as unemployed if he/she did not work at all during the preceding week of the survey (even an hour in the reference week) and was actively looking for work or was available for work but did not work due to temporary illness or because there was no work available (BBS, 2011a, p.73).
1.3.14 Human Capital
The skills, general or specific, acquired by an individual in the course of training and work experience is human capital. Its include knowledge, competences, and the experience and expertise of staff (Oxford Dictionary of Accounting, 2007). That part of an organization’s capital represented by the ability, experience and skill of its work-force (Chand, 2006, p.156).
1.3.15 Intellectual Capital
Intellectual capital is a complex concept that includes human knowledge, information systems, brand names, and reputation. One popular definition is given by the following equation:
Intellectual capital=Human capital+ Structural capital+ Relationship capital Here human capital includes knowledge, competences, and the experience and expertise of staff, structural capital includes information systems and databases, and relationship (or customer) capital includes customer relationship, brands, and trademarks (Oxford Dictionary of Accounting, 2007).
1.3.16 Job Satisfaction
Job satisfaction is a pleasurable or positive emotional reaction to a person’s job experiences (Milkovice & Boudreau, 1998, p.172). Job satisfaction is the attitude that workers have about their job. It results from their perception of the job. The extent to which a worker is content with the rewards he/ she gets of his/ her job, particularly in terms of intrinsic motivation (Chand, 2006, p.184).
1.3.17 Productivity
Productivity is a measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs. It is computed by dividing average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period. Productivity is a critical determinant of cost efficiency (BusinessDictionary.com).