Question
How is human resources different from other resources like land and physical capital?
Solution
Following are the differences between human resources and land and physical capital resources:
|
Human Resources |
Land and Physical Capital Resources |
|
(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. |
