Exercises
. What do you understand by people as a resource?
:. How is human resource different from other resources 1
capital?
:. What is the role of education in human capital formatio
. What is the role of health in human capital formation?
1. What part does health play in the individual's working
5. What are the various activities undertaken in the prim
sector and tertiary sector?
. What is the difference between economic activities and no
in low paid work?
Answers
Explanation:
Answer: 'People as Resource' is a way to relate to the working people of a country with respect to their current functional skills and abilities. Human resources is not a liability but an asset to the economy. The population becomes human capital when investment in the form of education, training, and health care is made. Human capital, in essence, is the stock of skill and productive knowledge embodied within it.
Answer: Human capital is in one respect preferable to other resources such as land and physical capital: the land and physical capital can be replaced by human resources. Land and physical resources alone can't become useful.
Ques: What is the role of education in human capital formation?
Answer: Educated individuals find jobs in private businesses while uneducated persons do the same work as their parents. Like their parents, they earn a modest income which is only enough to sustain a family. Many years of employment contribute to labor-quality. This increases their overall profitability. Full productivity contributes to economic growth. This in turn pays an individual his / her choice through salary or in some other form. It is a known fact that with investments in education and health, one can generate a high return in the future in the form of higher earnings and greater social contribution.
Ques: What is the role of health in human capital formation?
Answer: A person's health helps him realize his potential, and his ability to fight disease. An obese individual is an organizational liability. Health is an important pillar to understand one's well-being. Henceforth, strengthening people's health status has been the country 's focus. Also our national strategy aimed at increasing accessibility of education, family welfare, and nutritional services with a special emphasis on the underprivileged population group.
Ques: What part does health play in the individual’s working life?
Answer: Health plays a vital role in the working life of an individual as no firm would be induced to employ people who might not be able to work efficiently as healthy workers due to ill health and not only that people who are physically or mentally ill are unable to work.
Ques: What are the various activities are undertaken in the primary sector, secondary sector and tertiary sector?
Answer: The different activities were classified into three major sectors i.e. primary, secondary, and tertiary. The primary sector includes agriculture, forestry, livestock, fishing, poultry, and mining. In the secondary sector is included the quarry and manufacturing. The tertiary sector includes trade, transport, communication, finance, education, health, tourism, utilities, insurance, etc.
Ques: What is the difference between economic activities and non-economic activities?
Answer: Business activities Non-economic activities Third sector operations aid in the production of goods and services. Activities are called non-economic activities, which are not performed to earn money but to get some satisfaction. These activities add value to domestic revenue. Those are called economic operations. Such tasks are carried out for the satisfaction of social duty or for physical health or leisure. Business activity has two parts — market activity and non-market activity. The economic activity requires remuneration for every participant. People who attend places of worship, provide relief to flood and earthquake victims, participate in sporting events, farming, listening to the radio or watching television are all examples of non-economic activities Non-market events are self-consumption activity. The three most frequently reported activities are cleaning, cooking, and child-care.
Ques: Why are women employed in low paid work?
Answer: When women enter the labour market, they are paid for their work. Their earnings are calculated on the basis of education and ability, much like that of their male counterpart. Most women are under-educated and have low skills training, and therefore women are paid low compared to men. Most women do work where there is no job security.