Why is human capital considered superior to other resource like land and physical capital? Name the factor that affect the quality of population. Explain how these factors help in human capital formation?
Answers
Answer:
Human capital is superior to other resources like land and physical capital because human resources can make better use of land and physical capital but land and physical capital cannot become useful on its own. Several years of education adds to the quality of labour. This enhances their all over productivity.
Answer: 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.
Explanation:
not needed