how is human capital superior to other resoures
Answers
Explanation:
Factors of Production refers to inputs or resources needed used in production of goods and services for economic benefit i.e. for Profit. The main factors of production are land,labor,capital and entrepreneurship. Human Capital is considered superior to all other factors of production because of the following reasons - Human capital is complementary with all other physical capital because machines cannot work on their own, plans cannot be implemented on their own it needs support of human capital. Human Capital Knows the techniques,methods and skills of implementing the plan in a practical way and possesses full knowledge about how to put all factors of production together. It is the only factor of production which employs and manages all other factors of production so as to produce required results. Hope it helps.
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