How is human resources different from other resources land capital & physical capital?
Answers
Human resource or alternatively known as "human capital" refers to human workforce in any organization,business,industrial sector or overall economy.
Explanation:
Human capital or human resource is considered as one type of factor of production,which is practically different from the other factors of production such as land,capital and physical capital.First,all the other factors of production are inanimate and human capital/resource is a tangible and animate input used in the production process.Land is a physical space which is used for setting up the building or physical structure for operating the business.Capital basically means the financial resource or the investment to conduct the business and physical capital refers to physical machinery and equipment used in production.On the other hand,human resource includes components such as human skill,credential,knowledge,qualities,attributes that contribute to the efficiency level of production process.