People as Resource
➥ People as a resource is a way of referring to a country’s workforce in terms of their existing skills and abilities.
Economic and Non-Economic Activities
Economic Activities
➥Economic activities refer to those activities of man/woman which are undertaken for monetary gain to satisfy his/her needs.
The activities of workers, farmers, shopkeepers, manufacturers, doctors, lawyers, taxi drivers, etc. fall under this category.
Non-Economic Activities➥ Non-economic activities are ones that are not undertaken for any monetary gain.
➯ These are also called unpaid activities, e.g., Puja in one’s own home, housekeeping, helping the poor etc.
Types of Economic Activities
Market Activities
➥ Market activities are performed for remuneration i.e pay or profit.
eg:- agriculture activities for selling crop produced.
Non-Market Activities➥ Non-market activities are the activities carried out for self-consumption or production of fixed assets.
eg:- kitchen garden.
Economic Activities by Men and Women
➥ Economic activities are development and wealth-producing activities.
➯ They create economic and financial gain by producing goods and services and add value to the national income.
Human Capital
➥ Human capital is the stock of skill and productive knowledge embodied in human beings.
➯ Population (human beings) become human capital when provided with better education, training, and healthcare facilities.
Human Capital Formation
➥ When the existing human resource is further developed by spending on making the workforce more educated and healthy, it is called human capital formation.
Quality of Population
➥ The quality of population depends upon the literacy rate, life expectancy, and skills formation acquired by the people of the country.
Importance of Education
➥ Education is the most important component of human resource development because:
- It helps individuals to make better use of economic opportunities available to them.
- It contributes towards the growth of society, enhances national income, cultural richness, and efficiency of governance.
Measures like Sarva Siksha Abhiyan (SSA), Mid Day Meal scheme (MDM), and Right to Education Act (RTE) have been introduced to push education to the farthest ends.
Health
➥ The health of a person helps them to realize their potential and the ability to fight illness.
➯ An unhealthy person becomes a liability for an organization.
➯ Health is an indispensable basis for realizing one’s well-being.
➯ The National Health Policy aims at improving the accessibility of healthcare, family welfare, and nutritional services, especially for the weaker and underprivileged sections of society.
Literacy Rate
➥ Literacy rate is the percentage of the population aged seven years or above who can read and write with understanding.
Life Expectancy
➥ Life expectancy is the average period that a person may expect to live.
➯ Birth rate is the number of live babies born per 1000 of the population during a year.
Death Rate
➥ Death rate or mortality rate is the number of people who die per 1000 of the population during a year.
Infant Mortality
➥ Infant mortality rate is the number of deaths per 1000 live births of children under one year of age.
Sectors of Indian Economy
1. Primary Sector
➥It includes activities directly related to the extraction of natural resources.
eg:- agriculture, forestry, animal husbandry, fishing, poultry, farming, and mining.
2. Secondary Sector➥It includes activities which extract raw materials from the primary sector and modify them into other useful products.
eg:- sugar from sugarcane, manufacturing steel from raw iron, etc.
3. Tertiary Sector➥Also called the service sector, it provides services to the primary and secondary sectors and helps them flourish.
eg:- banking, transportation, communication, etc.
Unemployment
➥ Unemployment exists when people willing to work at prevailing wage rates cannot find jobs.
➯ It primarily affects those in the age group of 15-59 years.
Types of Unemployment
1.Seasonal Unemployment
➥ It occurs when people fail to get work during certain months of the year, such as during off-seasons.
➯ Farm laborers usually face this kind of problem.
2. Disguised Unemployment➥ Refers to a situation where the number of workers in a job is more than actually required.
➯ This is seen in agricultural workforces where more family members are involved than needed.
3. Urban Unemployment➥ Occurs when educated individuals cannot find employment according to their qualifications or are forced to work below their educational level.
Impacts of Unemployment
- Wastage of manpower resource.
- People who are an asset for the economy turn into a liability.
- Creates feelings of hopelessness and despair among the youth.
- Leads to economic overload and has a detrimental impact on overall economic growth.
- An indicator of a depressed economy.
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