ECONOMICS 2

 1. What do you understand by ‘people as a resource’?

Answer:

‘People as a resource’ is a term that means how the population can be an asset and not a liability. It a way of referring to the working class of society in terms of their existing productive skills and abilities. The population becomes human capital when an investment is made in the form of education and training. Education and health also help human beings to be an asset to the economy. Thus, people as a resource refers to the working population that results in the development of society.

2. How is human resource different from other resources like land and physical Capital?

Answer:

Human resources are different from other resources like land and physical capital because human beings can use other resources to give out productive output. However, resources like land and physical capital are dependent on human resource for their use and cannot give any productive output all by themselves.

3. What is the role of education in human capital formation?

Answer:

Education plays a very important role in human capital formation for the following reasons:

  1. An educated human can be considered an asset for the economy and not a liability.
  2. Education can help an individual make better use of economic opportunities. It helps in enhancing the national income, cultural richness and increases the efficiency of the Government.
  3. It enhances individual productivity in terms of quality and quantity.
  4. Because being educated can help the economic status of an individual, it also develops the consciousness towards society.
  5. An educated person is also aware of health and hygiene, and it will ultimately result in better health for the people of a country.

4. What is the role of health in human capital formation?

Answer:

Health plays a very important role in human capital formation in the following ways:

  1. If an individual is healthy, they may have better immunity to fight illness.
  2. Being healthy will also increase the overall outcome of an individual.
  3. The health of an individual is directly proportional to the work he does. Thus better health will increase efficiency.

5. How will you explain the term unemployment?

Answer:

A situation in which skilled and abled people do not get gainful work at a decent wage is called unemployment. Both rural and urban areas have unemployment. In the case of the rural population, there is seasonal unemployment, and in urban areas, there is educated unemployment.

6. What is the difference between disguised unemployment and seasonal unemployment?

Answer:

Rural areas have cases of both seasonal and disguised unemployment. Seasonal unemployment is when a person is unable to find a job during a few months of the year. This mostly happens for farmers who are unemployed for a part of the year when no crops are grown.

Disguised unemployment is when people appear to be employed. When the number of people working on agricultural land is higher than the number of people actually required to work, this is considered an example of disguised unemployment.

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