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Ch 02 - People as Resource9th Economics
People as Resource
What does the term 'People as Resource' refer to in economics?
What does the term 'People as Resource' refer to in economics?
DEFINITION
Working Population
- Definition: It is a way of referring to a country's working people in terms of their existing productive skills and abilities.
- Significance: It emphasizes their ability to contribute to the creation of the Gross National Product (GNP).
- Perspective: It views the population as an asset rather than a liability.
Prism Memory Hook
WAS (Working, Abilities, Skills)
Human Capital Formation
How does an existing 'human resource' transform into 'human capital'?
How does an existing 'human resource' transform into 'human capital'?
CONCEPT
Transformation Process
- Condition: Transformation occurs when investment is made in the population through:
- Education
- Training
- Medical Care
- Result: This investment adds to the productive power of the country, similar to physical capital formation.
Prism Memory Hook
ETM (Education, Training, Medical Care)
Quality of Population
Which three major factors determine the quality of a population?
Which three major factors determine the quality of a population?
CONCEPT
Development Indicators
- Literacy Rate (Level of Education)
- Health (Indicated by Life Expectancy)
- Skill Formation (Acquired through training)
- Impact: The overall quality of the population ultimately decides the economic growth rate of the country.
Prism Memory Hook
LHS (Literacy, Health, Skills)
Also in this chapter
33 more cards to study in Prism
- 4Virtuous Cycle: Story of Sakal
- 5Vicious Cycle: Story of Vilas
- 6Case Study: Japan's Development
- 7Story of a Village: The Ripple Effect
- 8Primary Sector Activities
- 9Secondary and Tertiary Sectors
- 10Market vs. Non-Market Activities
- 11Women and National Income
- 12Determinants of Earning
- 13Sarva Shiksha Abhiyan
- 14Strategies to Increase Enrolment
- 15Mid-day Meal Scheme
- 16Literacy Rate Trends (1951-2018)
- 17Regional Disparity in Literacy (2011)
- 18Gross Enrolment Ratio (GER) in Higher Education
- 19Expenditure on Education (% of GDP)
- 20Definitions: Birth & Death Rates
- 21National Health Policy (NHP) Objectives
- 22Health Infrastructure: SC, PHC, CHC
- 23Health Infrastructure Growth (2014-2020)
- 24Concentration of Medical Colleges
- 25Life Expectancy and IMR Trends
- 26Definition: Unemployment
- 27Seasonal Unemployment
- 28Disguised Unemployment
- 29Educated Unemployment & The Manpower Paradox
- 30Detrimental Impact of Unemployment
- 31Unemployment Rate vs. Poverty Statistics
- 32Sectoral Employment Shifts
- 33Green Revolution vs. IT Revolution
- 34Physical Capital vs. Human Capital
- 35The Economic Role of Health
- 36Female Labour Force Participation Rate (LFPR)
Premium Chapter
9th Economics
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