Chapter 2 - People as a Resource Q1. What do you understand by ‘people as a resource’? Ans: People as a resource is a way of referring to the country’s working population in terms of their existing productive skills and abilities. Q2. How is human resource different from other resources like land and physical capital? Ans: Human resource is different from other resources like land and physical capital in the following ways: i) Human resource makes use of other resources like land and physical capital to produce an output. ii) The other resources cannot become useful on their own. iii) It the human resource which creates wealth out of the physical Resources. Q3. What is the role of education in human capital formation? An s: Education is the most important component of human resource development. i) Proper education and training enable the formation of this human capital. An educated population is an asset, a resource. ii) Education enhances the quantity and quality o...
