People as Resource

1.How is human capital superior to other resources?

Answer:

Human capital can make use of land and capital for further production, whereas land and capital cannot
become useful on its own.

2.How is human resource different from other factors of production? Explain it in three points.

Answer:

It is living active factor of production.

It extracts work and activates other factors.

It works as labour, management and entrepreneur.

3. Explain the ways of investment of Human Resources that can give high returns in future.

Answer:

Three ways of investment in development of Human Resource are:

Through Education.

Through Medical Care.

New technology.

Providing training to use new technology. ,

They can discover new methods of increasing production.

Acquired knowledge is well-invested in new fields like IT.

4.How has human capital formation helped India?

Answer:

It increases people’s level of productivity and efficiency as well as the productive power of the country.

It has added to skilled labour force of India.

Millions of skilled workers are working in other countries. They earn foreign exchange for us.

5.The various economic activities have been classified into three sectors? What are these sectors?

Answer:

Primary,

Secondary,

Tertiary.