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What do you understand by ‘people as resource’?
‘People as Resource’ is a way of referring to a country's working people in term of their existing productive skills and abilities. People as a resource contribute to the creation of the Gross National Product. People as resource is the positive side of a large population that is often overlooked.
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How is human resources different from other resources like land and physical capital?
Following are the differences between human resources and land and physical capital resources:
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Human Resources |
Land and Physical Capital Resources |
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(i)Human resource is a primary factor of production as it can make use of land and capital. (ii)Human resource is an active factor of production. (iii)It includes education, health etc. |
(i)Land and physical capital resources are secondary factors of production as they cannot become useful on their own. (ii)These are passive factor of production. (iii)These includes building, land etc. |
What is the role of education in human capital formation?
Following are the role of education in human capital formation:
(i) Education bears fruits in term of good job and salary.
(ii)Education increases the efficiency of the workers.
(iii) Education helps in increasing the mental horizon of the people.
(iv) Education enhances the national income, cultural richness and increase the efficiency of governance.
(v) Education encourages economic development through greater participation of the people in the affairs of the country.
What is the role of health in human capital formation?
Following are the role of health in human capital formation:
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