Question

Why is human capital the most important factor of production?

Answer 1

Hi friend,

Why Human Capital is most important factor for production?

Here is the answer:
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☆ HUMAN CAPITAL IS THE STOCK OF SKILL AND PRODUCTIVE KNOWLEDGE EMBODIED IN HUMANS

☆ HUMAN CAPITAL INCLUDES EDUCATION,TRAINING AND MEDICAL CARE BECAUSE EVEN THOUGH THE MACHINES OR PHYSICAL CAPTIAL IS ESSENTIAL THERE THE HUMAN'S SKILL IS IMPORTANT TO OPERATE IT.

☆ THIS DIRECTLY COMES IN A FORM OF HIGHER INCOME EARNED BECAUSE OF HIGH PRODUCTIVITY OF MORE EDUCATED AND SKILLFUL/BETTER TRAINED ARE INCLUDED.

☆ AND THUS THE HUMANS INCREASE THE PRODUCTIVITY, IT IS SAID THAT THE HUMAN CAPITAL ALSO PLAYS A MAJOR ROLE IN CULTIVATING THE PRODUCTION.
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Regards,
Shobana
^_^

Answer 2

Answer:

Human capital is essential, as physical capital cannot produce goods and services on its own, but requires human capital to coordinate all inputs to produce the desired goods and services.

Explanation:

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