Explain the following terms: Human Resource, Investment, Productivity, Economic activities, Market activities, Non-market activities, Non-economic activities, Human Capital Formation, Unemployment, Disguised unemployment, Seasonal unemployment, Literacy Rate, Infrastructure, Infant Mortaity Rate, Birth Rate, Death Rate.
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Human Resource
Human resources is the set of the people who make up the workforce of an organization, business sector, industry, or economy. A narrower concept is human capital, the knowledge which the individuals embody. Similar terms include manpower, labour, personnel, associates or simply people.
Investment
Investing is an essential part of wealth-creation, which helps you beat inflation to fulfil your financial goals and also stabilise your financial future. Instead of letting money lie idle in your bank accounts, you can invest in different avenues like stocks, equities, mutual funds, fixed deposit, or more.
Productivity
Productivity describes various measures of the efficiency of production. Often, a productivity measure is expressed as the ratio of an aggregate output to a single input or an aggregate input used in a production process, i.e. output per unit of input, typically over a specific period of time.
Economic activities
Economic activity is an activity of providing, making, buying or selling commodities or services by people to satisfy day-to-day needs of life. Any activity that includes manufacturing, distributing or utilising products or services.
Market activities
A market activity is an activity that does not transform inputs, but simply transfers the intermediate exchange from one transforming activity to another transforming activities that consumes this intermediate exchange as an input, e.g. from glycerine at the supplier to glycerine at the consumer.
Non-market activities
Non market activities are those activities which do not include any financial transactions and done without any intention of earning money or profit. Examples of such activities are household work done by a housewife, crops grown by a farmer for his own family, tutions given by a teacher to his own child etc.
Non-economic activities
Non-economic activity is an activity performed with the purpose of rendering services to others without any consideration to financial gain. Those activities which are initiated for personal content or to meet human sentiments are non-economic activities.
Human Capital Formation
Meier defines Human Capital Formation as “human capital formation is the process of acquiring and increasing the number of persons who have education and experience which is essential for the economic and political development of a country”. ...
Unemployment
Unemployment, according to the OECD, if persons above a specified age not being in paid employment or self-employment but currently available for work during the reference period. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force.
Disguised unemployment
Disguised unemployment is a kind of unemployment in which there are people who are visibly employed but are actually unemployed. This situation is also known as 'hidden unemployment'. In such a situation more people are engaged in a work than required.
Seasonal unemployment
Seasonal unemployment occurs when people are unemployed at particular times of the year when demand for labour is lower than usual. For example, in a Ski resort unemployment is likely to be higher in the summer when there is no snow.
Literacy Rate
Literacy in India is a key for socio-economic progress. Despite government programmes, India's literacy rate increased only "sluggishly". The 2011 census, indicated a 2001–2011 decadal literacy growth of 9.2%, which is slower than the growth seen during the previous decade.
Infrastructure
Infrastructure is the general term for the basic physical systems of a business, region, or nation. Examples of infrastructure include transportation systems, communication networks, sewage, water, and electric systems.
Infant Mortaity Rate
About Infant Mortality
In 2018, the infant mortality rate in the United States was 5.7 deaths per 1,000 live births. (See Mortality in the United States, 2018).
Birth Rate
The crude birth rate in a period is the total number of live births per 1,000 population divided by the length of the period in years. The number of live births is normally taken from a universal registration system for births; population counts from a census, and estimation through specialized demographic techniques.
Death Rate
Mortality rate, or death rate, is a measure of the number of deaths in a particular population, scaled to the size of that population, per unit of time.
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