Question

how is human resource different from other factors of production? Explain it in three points​

Answer 1

Explanation:

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

(i) From the perspective of economic development, human resource exhibit multiple importance i.e. human resource act as both producers as well as consumers.

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

(iii) Human resource is considered superior to other resources as it is not confined to one region or place. It can spread to other places and diversity.