Question.
Which capital would you consider the best—land, labour, physical capital and human capital? Why?
Which capital would you consider the best—land, labour, physical capital and human capital? Why?
Solution:
Human capital makes use of the other resources like land, labour and physical capital to produce an output. The other resources cannot become useful on their own. Hence, human capital may well be considered the best among all the resources.
Human capital makes use of the other resources like land, labour and physical capital to produce an output. The other resources cannot become useful on their own. Hence, human capital may well be considered the best among all the resources.
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