1) What is the role of education in human capital formation? 2) How is human resource different from other factors of produc
Answers
Explanation:
Human resource is different from other resources in many senses. Human resources need education, training and healthcare to develop. On the other hand, land and physical capital need money and physical inputs to develop. Land and physical capitalare useless without human resources.
The role of education in human capital formation are as follows: An educated society facilitate better development program than an illiterate one. Education improves productivity and prosperity, and also improve enriched life experience. ... Education increases national income and other cultural
human resource is not only the essential factor of production but it also activates other factors of production. ... human resource is different from land and capital because they only can make use of land and capital with their knowledge.