Question

Correct the following statements:

1.Population is transformed into human capital with the provision of financial assets.
2.Human resources like land and capital cannot become useful on its own.

Answer 1

Explanation:

1. Population becomes human capital when there is investment made in the form of education, training and medical care.

2. Human resource is different from other resources like land and physical capital in the following ways:

From economic development perspective, human resources exhibit multiple importances i.e. at one end human resource act both producers as well as consumers.

Human resource makes use of other resources like land and physical capital to produce an output.

Human resources are considered superior to other resources as it is not confined to one region or place. It can spread to other places and diversify.