Question

What is meant by 'People as Resource'? Explain how is human resource different from other resources like land and physical capital?

Answer 1

People as Resource is a way of referring to a country's working people in terms of their existing productive skills and abilities.

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.