people as resource class 9 economics FULL CHAPTER NOTES ncert
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People as Resource is a way of referring to a country’s working people in terms of their existing productive skills and abilities. Like other resources, the population is also considered as a human resource. When the existing ‘human resource’ is further developed by becoming more educated and healthy, it is called human capital formation. Investment in human capital (through education, training, medical care) yields a return just like investment in physical capital.
Human capital is superior to other resources like land and physical capital. Total productivity adds to the growth of the economy. Investment in human resource (via education and medical care) can give high rates of return in future. Countries, like Japan, have invested in human resources.
Economic Activities by Men and Women
The activities in Economics are divided into three sectors i.e. primary, secondary and tertiary. Primary sector includes agriculture, forestry, animal husbandry, fishing, poultry farming, mining and quarrying. Secondary sector includes manufacturing. Tertiary sector includes trade, transport, communication, banking, education, health, tourism, services, insurance, etc. These activities are termed as economic activities. Economic activities have two parts — market activities and non-market activities