Question

2. How is human resource different from other resources like land and physical
capital?
3 What is the role of education in human capital formation?
4. What is the role of health in human capital formation?
Irina Bifol

Answer 1

ROLE OF EDUCATION
1)an educated person earns more
2)they have better potential to realise their abilities
3)educated person can educate others
4)society gains indirectly from an educated person
5)have better skills and knowledge

ROLE OF HEALTH
1)healthy person earns more
2)is healthy so has more potential to fight against diseases
3)health is regarded as an investment towards building human capital
4)society gains indirectly through a healthy person
5)an healthy person earns more

Answer 2

Answer:

Question 1: What do you understand by ’people as a resource’?

Answer: People who are part of the workforce are called human resource. By contributing in productivity, the human resource plays a significant role in the economy of a country. Any other resource becomes useful only because of the input by the human resource.

Question 2: How is human resource different from other resources like land and physical capital?

Answer: 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 capital are useless without human resources.