Chapter 2 People As Resource

Chapter 2 People as Resource
Question-1
What do you understand by ‘people as a resource’?
Solution:
‘People as Resource’ is a way of referring to a country’s working people in terms of
their existing productive skills and abilities. Human resource is an asset for the
economy rather than a liability. Population becomes human capital when there is
investment made in the form of education, training and medical care. In fact, human
capital is the stock of skill and productive knowledge embodied in them
Question-2
How is human resource different from other resources like land and physical capital?
Solution:
Human resource is different in the following ways:
1. Land and other resources are fixed, limited and specified whereas human
resources can be nurtured through education and health.
2. Human resources can bring a change in other resources whereas other resources
cannot change or affect human resource.
3. Human resource can make use of land and physical capital whereas land and
physical capital cannot become useful on its own.
Question-3
What is the role of education in human capital formation?
Solution:
Educated people find jobs in private firms while the uneducated people continue with
the same work as their parents. They earn a meagre income like their parents, which is
just enough to support a family. Several years of education adds to the quality of
labour. This enhances their total productivity. Total productivity adds to the growth of
the economy. This in turn pays an individual through salary or in some other form of
his choice. It is a known fact that with investments made on education and health; one
can yield a high return in the future in the form of higher earnings and greater
contribution to society.
Question-4
What is the role of health in human capital formation?
Solution:
The role of health in human capital formation is as follows:
1. Healthier people have higher productivity because the health of a person helps
him to realise his potential and the ability to fight illness. On the other hand, an
unhealthy person becomes a liability for an organisation.
2. It improves the quality of life. A healthy person is able to do his work in a
proper and efficient way.
3. A healthy person makes greater contribution to society as compared to an
unhealthy person.
4. Good health enables a person to earn more and to be more regular in his work.
Question-5
What part does health play in the individual’s working life?
Solution:
Health plays a very important role in an individual’s life because as we all know
health is wealth and only a healthy person can work or perform to his full potential.
An unhealthy person cannot work efficiently. A healthy person is able to work harder
and better, thus, earning more and living a better life. If the body is healthy, only then
one can perform well. So, we can say that health plays a vital role in an individual’s
life.
Question-6
What are the various activities are undertaken in the primary sector, secondary sector
and tertiary sector?
Solution:
The various activities have been classified into three main sectors i.e., primary,
secondary and tertiary. The primary sector includes agriculture, forestry, animal
husbandry, fishing, poultry farming, and mining. Quarrying and manufacturing is
included in the secondary sector. Trade, transport, communication, banking,
education, health, tourism, services, insurance etc. are included in the tertiary sector.
Question-7
Why are women employed in low paid work?
Solution:
Women are paid for their work when they enter the labour market. Their earning, like
that of their male counterpart, is determined on the basis of education and skill. A
majority of the women have meager education and low skill formation and hence
women are paid low compared to men. Most women work where job security is not
there.
Question-8
How will you explain the term unemployment?
Solution:
Unemployment is said to exist when people are willing to work at the going wages but
cannot find jobs.
Question-9
What is the difference between disguised unemployment and seasonal
unemployment?
Solution:
Disguised Unemployment. In case of disguised unemployment, people appear to be
employed but they are not actually employed. Sometimes, in agricultural families,
eight people are working on a farm, whereas only four people are needed to do that
work. Thus, four persons are surplus and they are not needed on the farm. They also
do not help to increase the production. If these four extra persons are removed from
the farm, the production from the farm will not decrease. Therefore, these four
persons appear to be employed but are actually disguisedly unemployed.
Seasonal Unemployment. Seasonal unemployment happens when people are not able
to find jobs during some months of the year. People dependent upon agriculture
usually face such problems. There are certain busy seasons when sowing, harvesting,
weeding and threshing are done. When the plants are growing, there is not much
work. During this period, they remain unemployed and are said to be seasonally
unemployed.
Question-10
Why is educated unemployed, a peculiar problem of India?
Solution:
In the case of India educated unemployment has become a common phenomenon.
Many youths with matriculation, graduation and post-graduation degrees are not able
to find jobs. A study shows that the unemployment of graduates and post-graduate has
increased faster than among matriculates. A paradoxical manpower situation is
witnessed as a surplus of manpower in certain categories coexists with a shortage of
manpower in others.
Question-11
In which field do you think India can build the maximum employment opportunity?
Solution:
Since agriculture is the backbone of India, India can build maximum employment
opportunities in agriculture-based industries.
Home work
Question-12
Can you imagine some village that initially had no job opportunities but later came up
with many?
Question-14
Which capital would you consider the best — land, labour, physical capital and
human capital? Why?
Question-7
What is the difference between economic activities and non-economic activities?

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