ong>Answer:

How is human resource DIFFERENT from other resources like land and physical capital?

Answer: Human capital is in one respect preferable to other resources such as land and physical capital: the land and physical capital can be replaced by human resources. Land and physical resources alone can't become useful.

Ques: What is the role of education in human capital formation?

Answer: Educated individuals find jobs in private BUSINESSES while uneducated persons do the same work as their parents. Like their parents, they earn a modest income which is only enough to sustain a family. Many years of employment contribute to labor-quality. This increases their overall profitability. Full productivity contributes to economic growth. This in turn pays an individual his / her choice through salary or in some other form. It is a KNOWN fact that with investments in education and health, one can generate a high return in the FUTURE in the form of higher EARNINGS and greater social contribution.