Write the summary of the chapter people as resource it should be not more than 250 words.
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Population of a nation can be its asset rather than liability.
‘People as resource’ refers to a country’s working people in terms of their existing productive skills and abilities.
When existing human resource is developed by becoming educated and healthy it turns into human capital.
Human capital is superior to other resources like land and physical capital, as it uses these capitals and adds value to them.
Investment in human capital via education and medical care can give high returns in the future. Country like Japan have invested a lot in human resources. They do not have rich natural resources, but still they are called developed nations.
Human beings perform many activities which can be grouped into economic and non-economic.
Economic Activities: Economic activities refer to those activities of man which are undertaken for a monetary gain or to satisfy his/her wants. The activities of workers, farmers, shopkeepers, manufacturers, doctors, lawyers, taxi drivers, etc. fall under this category.
Market Activities and Non-Market Activities
Economic activities are also called as market activities.
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