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Questions and Answers
What is the term used to refer to people as a resource?
What is the term used to refer to people as a resource?
- Human resource (correct)
- Labor force
- Social capital
- Economic input
Human beings are considered the least important factor in production processes.
Human beings are considered the least important factor in production processes.
False (B)
What type of economic activity do humans engage in to make raw materials usable?
What type of economic activity do humans engage in to make raw materials usable?
basic economic activity
The quality of __________ put in by people affects the outcome similar to the quality of raw materials.
The quality of __________ put in by people affects the outcome similar to the quality of raw materials.
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Match the following terms with their descriptions:
Match the following terms with their descriptions:
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Study Notes
Human Resources Overview
- The traditional view of 'resources' focused primarily on raw materials such as ores, minerals, cotton, and jute.
- Recognition of human beings as the most crucial factor in production and economic activity shifted the understanding of resources.
- Human interaction with other production factors is essential for completing the process of producing goods and services.
Importance of Knowledge and Experience
- The effectiveness of human resources is measured by their knowledge and experience rather than merely their numbers engaged in economic activities.
- Skilled and knowledgeable individuals significantly influence a country's overall progress and development.
Economic Activity and Human Resource Definition
- Humans are classified as a resource because they actively transform raw materials and operate machinery to create usable products.
- This transformative process is referred to as basic economic activity.
- The quality of goods or services produced is directly related to the quality of raw materials, machinery, and the effort put in by individuals.
Human Resource as a Unique Resource
- The contribution of human resources is comparable to that of raw materials or machinery since all inputs impact the final output.
- The term human resource illustrates the capability of people to enhance the utility of other resources and, thus, underscores their importance.
- Unlike other resources, humans have the unique ability to work on and improve the usability of other resources autonomously.
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