Question

"Human resource is an indispensable factor of production". Justify.

Answer 1

Justification:
(i) Human resource is an indispensable factor of every economic activity.
(ii) Every productive activity needs land, labour, capital, organization and enterprise as its factor of production.
(iii) Human resource is not only the essential factor of production but it also activates other factors of production.
(iv) The quality of human resource is the symbol of economic and social status of people. As such human development requires improvement.
(v) The healthy, educated, efficient and skilled people are the asset of the nation, whereas unhealthy, uneducated, inefficient and unskilled people are a burden.