How is human resource different from other resources like land and physical capital

Difference between human resource and other resources Human Resource Other resources (land and physical resources) 1. It is an active factor of production; human resource can make use of other and physical capital also. 2. It is not just for production but also for consumption. 3. Tailors, engineers, Doctors, teachers are example of human resource. 1. These are the passive factors of production; these factors can’t be useful themselves and require agents like human labor. 2. These factors are for production only. 3. Machines, tools, buildings are the example of physical capital whereas forests, water are examples of land.

Human resource is different fromother resources like land and physical capital in the following ways: • From economic developmentperspective, human resources exhibit multiple importances i.e. at one end humanresource act both producers as well as consumers. • Human resource makes use of otherresources like land and physical capital to produce an output. • Human resources are consideredsuperior to other resources as it is not confined to one region or place. Itcan spread to other places and diversify.

Table of Contents • • • • • • • How Human resource is different from physical resource? 1) Human resources are the people who make up the workforce of an organisation, business sector, or economy. While physical resources of an organisation include manufacturing equipment and tools, inventories, production, assembly, office building, money, storage and distribution facilities etc. What is the difference between Human resource and human capital Class 9? The major difference between human capital and human resources is that human resources are the human potential that can be drawn from a vast pool of resources. Human capital refers to the skills, expertise that are already invested and utilized. Which capital would you considered the best land Labour physical capital and human capital and why? Why? Among land, labour, physical capital and human capital, the human capital is the best because human capital can make use of land, labour and physical capital. Land and capital cannot become useful on its own. What is the role of human capital formation? The role of education in human capital formation are as follows: An educated society facilitate better development program than an illiterate one. It does not only contribute towards the growth of the people but also the development of society as a whole. Education increases national income and other cultural richness. What is difference between human and human resource? Whereas human resources is conducted in HR departments to boo...