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What do you understand by 'people as a resource'? - Economics
What do you understand by 'people as a resource'?
'People as Resource' refers to a country’s working population in terms of their existing productive skills and abilities.
Key points to understand this concept:
Human Capital: When investment is made in the population through education, training, and medical care, the population transforms into 'human capital.'
Productive Asset: It looks at people as an asset rather than a liability. Like other resources (land or capital), people contribute to the creation of the Gross National Product (GNP).
Skill and Knowledge: It emphasizes that the skills and knowledge possessed by a population are the driving force behind a country's economic growth.
Superior Resource: Human resource is considered superior to other resources like land and physical capital because only humans can make use of land and capital; land and capital cannot become useful on their own.