Have you ever considered why humans are considered a resource? This is because humans have an ability to transform gifts from nature into valuable resources that can be utilized for useful purposes. Let us take a closer look at why human resource is the most important resource.
Table of content
1 Suggested Videos
2 Human Resource
3 Economic Activities
4 Quality of Population
Suggested Videos
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Investment in human capital yields a return and it is done through education, training, and healthcare. It is truly known that a person who is educated earns better than an uneducated person. Also, a healthy person is much more productive than an unhealthy person.
It is really the well-educated parents who understand the value of education and at the same time invest in their child’s education to secure a better future for the child. However, the uneducated parents fail to invest in their child’s education and healthcare of their children which in turn creates a vicious cycle wherein the coming generation is often forced to remain poor.
Educated parents also take extra care of the health and nutrition of their child which leads to a virtuous cycle of creating a better human capital. Education enhances the literacy level and skill level of a person. It also helps in enriching the culture of the society. Presence of educated persons in the society indirectly benefits the illiterate persons as well.
Economic activities are also divided into two types, on the basis of production goal, which is – market activities and non-market activities.
For example – An activity can be considered non-activity when a farmer produces just enough to meet his family needs and similarly, the work of a housewife that is strictly for the benefit of her family members.
The prime important aspects that determine the quality of life are – Literacy rate, health, and skills. The illiterate and the unhealthy population can be a liability for the economy whereas the literate and healthy population can be an asset for the economy. It is because of the reason that the literate and healthy population contributes towards Gross Domestic Product (GDP) of a country.
Answer:Human resource is known to be one of the superior resources as compared to the other resources like land and physical capital. It can make use of land and physical capital, however, land and physical capital cannot become useful on its own.
Sure, human resources are fascinating because of their ability to transform natural gifts into valuable resources. Let's break down the concepts in the article:
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Human Resource: This term refers to the workforce. It's the people who contribute to a country's economy by enhancing productivity through their labor and skills.
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Economic Activities: These are divided into market and non-market activities. Market activities involve production for sale or exchange in the market, while non-market activities are often for personal or family needs without direct commercial purposes.
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Quality of Population: This encompasses factors like literacy rates, health, and skills. A literate and healthy population is seen as an asset to the economy because they contribute positively to the Gross Domestic Product (GDP) of a country.
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Investment in Human Capital: This involves activities like education, training, and healthcare aimed at improving the skills, knowledge, and health of individuals. Investing in human capital leads to increased productivity and economic growth.
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Effect of Education and Health: Educated individuals tend to earn more and contribute more to society. Additionally, a healthy workforce is more productive. Educated parents often understand the importance of education and healthcare for their children, thereby creating a cycle of better-educated and healthier future generations.
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Role of Educated Individuals: The presence of educated individuals in society indirectly benefits the illiterate population by enriching the overall culture and contributing to societal development.
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Comparison with Other Resources: Human resource is considered superior to land and physical capital because it has the ability to utilize these resources effectively. While land and physical capital are essential, they rely on human input to become useful.
Understanding these concepts showcases how human resources are pivotal in shaping economies, impacting societal development, and leveraging natural resources for the greater good.
