ECONOMICS
HUMAN CAPITAL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Land and capital cannot become useful on its own
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Human resource can make use of land and capital
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Human beings are the most supreme creation of the God
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Both (a) & (b)
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Detailed explanation-1: -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.
Detailed explanation-2: -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.
Detailed explanation-3: -Human resource is different from other resources in many senses. Human resources need education, training and healthcare to develop. On the other hand, land and physical capital need money and physical inputs to develop. Land and physical capital are useless without human resources.
Detailed explanation-4: -(iii) 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.
Detailed explanation-5: -The term of “human capital” is considered as a key element in improving the assets of an organization, since it is a sustainable competitive advantage and increases the employees’ efficiency.