Q1. When does the human population become the Human Capital? Q2. When are people referred to as Resources? Q3. List out some negative aspects of a large population as in our country. Q4. How can a large population be turned into an asset? Explain with a suitable example. Q5. How is the Human Capital superior to the other resources? Q6. Distinguish between the Virtuous and the Vicious cycles existing in a population. Q7. How have countries like Japan been able to develop inspite of lacking in enough natural resources? Q8. Describe along with a flowchart the classification of economic activities by human beings on the basis of the type. Give suitable examples for each type. Q9. Describe along with a flowchart the classification of economic activities by human beings on the basis of the purpose. Give suitable examples for each.
Answers
A1. 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.
A2. The term is also commonly used in academic studies when learning about people in organizations or corporations. The reason that employees are referred to as resources is because it is easier to make sense of a complex situation when you bring it down to abstract terms.
A3. Lack of natural resources - Large population required large amount of natural resources and it results decreasing of natural resources.
Unemployment - Due to large population, employments are falling less.
Poverty - When people do not have employment they become poor which cause poverty.
A4. A large population can be turned into a productive asset by investment in human capital by spending resources on education and health for all, training of industrial and agricultural workers in the use of modern technology, and useful scientific researches, etc
A5. Human capital is superior to other resources like land and physical capital because human resources can make better use of land and physical capital but land and physical capital cannot become useful on its own. These people have made efficient use of other resources like land and capital.
A6. A virtuous circle has favorable results, while a vicious circle has detrimental results. Both circles are complex chains of events with no tendency toward equilibrium (social, economic, ecological, etc.) —at least in the short run.
A7. Japan became a developed country despite being poor in natural resources: (i) They have invested in human resources. (ii) They import the required resources for their industries. (v) They have invested in the field of health and education.
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