Podcast
Questions and Answers
Which of these is NOT considered a primary sector activity?
Which of these is NOT considered a primary sector activity?
- Agriculture
- Manufacturing (correct)
- Mining
- Fishing
A well-educated population is considered an asset to the economy.
A well-educated population is considered an asset to the economy.
True (A)
Explain the difference between human resources and other resources like land and physical capital.
Explain the difference between human resources and other resources like land and physical capital.
Human resources are unique in that they can utilize other resources like land and capital to produce goods and services. These other resources are not productive on their own, highlighting the key role of human skills and abilities.
The ______ sector comprises activities related to the processing of natural resources, such as manufacturing.
The ______ sector comprises activities related to the processing of natural resources, such as manufacturing.
Match the following economic sectors with their corresponding activities:
Match the following economic sectors with their corresponding activities:
An unhealthy person is more likely to be an asset to the economy due to their lower healthcare costs.
An unhealthy person is more likely to be an asset to the economy due to their lower healthcare costs.
Explain how health plays a significant role in an individual's working life.
Explain how health plays a significant role in an individual's working life.
Which of the following is NOT an example of a tertiary activity?
Which of the following is NOT an example of a tertiary activity?
Non-economic activities contribute to the national income.
Non-economic activities contribute to the national income.
What is the primary reason women are often employed in low-paid work?
What is the primary reason women are often employed in low-paid work?
Unemployment occurs when people who are ____ and ____ to work at the going wages cannot find jobs.
Unemployment occurs when people who are ____ and ____ to work at the going wages cannot find jobs.
Match the following types of unemployment with their descriptions:
Match the following types of unemployment with their descriptions:
Disguised unemployment is only present in the agricultural sector.
Disguised unemployment is only present in the agricultural sector.
Which of the following is NOT considered a factor contributing to seasonal unemployment in India?
Which of the following is NOT considered a factor contributing to seasonal unemployment in India?
What is the key characteristic of disguised unemployment?
What is the key characteristic of disguised unemployment?
Educated unemployment is a ______ problem in India.
Educated unemployment is a ______ problem in India.
Tertiary activities only serve the secondary sector.
Tertiary activities only serve the secondary sector.
What is the main reason behind the problem of educated unemployment in India?
What is the main reason behind the problem of educated unemployment in India?
Which sector is identified as having the potential to generate the most employment opportunities in India?
Which sector is identified as having the potential to generate the most employment opportunities in India?
Educated unemployment is a unique problem faced only by India.
Educated unemployment is a unique problem faced only by India.
One measure to address educated unemployment is to make education at the ______ level more career-oriented.
One measure to address educated unemployment is to make education at the ______ level more career-oriented.
Match the following resources with their descriptions:
Match the following resources with their descriptions:
Flashcards
People as a resource
People as a resource
Referring to a country's working population and their skills.
Human resources vs. other resources
Human resources vs. other resources
Human resources utilize land and capital for production.
Role of education in human capital
Role of education in human capital
Education enhances skills, productivity, and economic growth.
Health in human capital formation
Health in human capital formation
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Impact of health on work life
Impact of health on work life
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Primary sector activities
Primary sector activities
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Secondary sector activities
Secondary sector activities
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Educated Unemployment
Educated Unemployment
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Employment Opportunity in Agriculture
Employment Opportunity in Agriculture
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Career-oriented Education
Career-oriented Education
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Human Capital
Human Capital
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Job Screening Process
Job Screening Process
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Tertiary Sector
Tertiary Sector
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Economic Activities
Economic Activities
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Non-Economic Activities
Non-Economic Activities
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Low Paid Work (Women)
Low Paid Work (Women)
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Unemployment
Unemployment
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Disguised Unemployment
Disguised Unemployment
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Seasonal Unemployment
Seasonal Unemployment
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Market Activities
Market Activities
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Non-Market Activities
Non-Market Activities
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Study Notes
People as a Resource
- People as a resource refers to the country's working population, considering their skills and abilities.
- Human resources are superior to other resources (land, physical capital) because they utilize other resources to produce goods and services. Other resources cannot produce an output on their own.
- Education is crucial for human capital formation as it develops individual productivity and national consciousness, promoting economic growth.
- Health is essential in human capital formation as healthy individuals can reach their full potential, contributing to the economy. Unhealthy individuals are a liability.
- Health is vital for a person's work life, enabling efficient work, higher productivity, and combating illness.
Economic Activities
- Primary sector activities involve extracting and producing natural resources (agriculture, forestry, fishing, mining).
- Secondary sector activities process natural resources (manufacturing).
- Tertiary sector activities support primary and secondary sectors (trade, transport, communication, banking, education, health, tourism).
- Economic activities add value to national income (market and non-market activities).
- Non-economic activities do not add value to national income, e.g., domestic chores.
Employment and Unemployment
- Women are often employed in low-paying jobs due to gender discrimination, resulting in limited education and skills.
- Unemployment is the inability of able and willing workers to find jobs at the current wage rate.
- Disguised unemployment occurs when more people work than needed for the given task; for example, in agriculture.
- Seasonal unemployment involves job availability only during specific times of the year, like agriculture.
Educated Unemployment
- Educated unemployment is a significant issue in India due to a mismatch between the growing number of educated individuals and job opportunities.
- India requires more employment opportunities for educated individuals, which needs growth in various employment areas.
- Solutions for Educated unemployment include improved education/training for specific industry needs.
Capital Types
- Human capital is considered the most valuable capital type as it utilizes other resources like land, labor, and physical capital to produce goods and services. Other resources cannot be effective on their own.
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