How is human resource different from other resources like, land and physical capital?
Difference between human resource and other resources
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.