Which capital would you consider the best—land, labour,
[question] Question. Which capital would you consider the best—land, labour, physical capital and human capital? Why? [/question] [solution] Solution: Human capital makes use of the other resources like land, labour and physical capital to produce an output. The other resources cannot become useful on their own. Hence, human capital may well be considered the best among all the resources. [/solution]...
Can you suggest some measures in the education system to mitigate the problem of the educated unemployed?
[question] Question. Can you suggest some measures in the education system to mitigate the problem of the educated unemployed? [/question] [solution] Solution: Measures in the education system to mitigate the problem of the educated unemployed: (a) Make education at the secondary level more career-oriented, which would endow individuals with not only education but also the requisite skills for gaining successful employment. (b) Create a sort of screening process whereby each individual chooses s...
In which field do you think India can build the maximum employment opportunity?
[question] Question. In which field do you think India can build the maximum employment opportunity? [/question] [solution] Solution: Among the three sectors, India should look to build the maximum employment opportunities in the manufacturing and services sectors. The agricultural sector is already over-burdened by manpower that is disguised unemployed. So, it is the small scale manufacturing units and the service industry (like travel and tourism, health, education, communication, etc.) that n...
Why are educated unemployed a peculiar problem of India?
[question] Question. Why are educated unemployed a peculiar problem of India? [/question] [solution] Solution: If disguised unemployment characterises rural India, educated unemployment is a peculiar problem of urban India. This is the situation wherein a number of youth with matriculation, graduation and post graduation degrees are not able to find suitable jobs. The education system is such that even after about 18 years of education, a person can well be termed as unskilled. What this does is...
What is the difference between disguised unemployment and seasonal unemployment?
[question] Question. What is the difference between disguised unemployment and seasonal unemployment? [/question] [solution] Solution: [/solution]...
How will you explain the term unemployment?
[question] Question. How will you explain the term unemployment? [/question] [solution] Solution: Unemployment is a situation in which people who are able and willing to work at the going wages cannot find jobs. An individual is termed as unemployed if he or she is part of the workforce of a country, and is capable and willing to work for payment, but is unable to do so. [/solution]...
Why are women employed in low paid work?
[question] Question. Why are women employed in low paid work? [/question] [solution] Solution: Education and skill are the major determinants of the earning of any individual in the market. Due to gender discrimination, women are generally denied the education and the necessary skills to become worthy contributors to the national income. As a result, a majority of women have meagre education and low skill formation. This is one of the reasons why they get paid less than men. Also, the perpetuati...
What is the difference between economic activities and non-economic activities?
[question] Question. What is the difference between economic activities and non-economic activities? [/question] [solution] Solution: Activities that add value to the national income are called economic activities. These have two parts − market activities (production for pay or profit) and non-market activities (production for self consumption). Non-economic activities are the ones that do not add to the national income; for example, an individual performing domestic chores. [/solution]...
What are the various activities undertaken in the primary sector,
[question] Question. What are the various activities undertaken in the primary sector, secondary sector and tertiary sector? [/question] [solution] Solution: Primary sector comprises activities related to the extraction and production of natural resources. Agriculture, forestry, animal husbandry, fishing, poultry farming, mining and quarrying are the activities undertaken in this sector. Secondary sector comprises activities related to the processing of natural resources. Manufacturing is includ...
What part does health play in the individual’s working life?
[question] Question. What part does health play in the individual’s working life? [/question] [solution] Solution: The health of an individual helps him to realise his potential and also gives him the ability to fight illness. An unhealthy individual is a liability to his place of work. The health of a person is directly related to his efficiency. As compared to an unhealthy individual, a healthy person can work more efficiently and with greater productivity. [/solution]...
What is the role of health in human capital formation?
[question] Question. What is the role of health in human capital formation? [/question] [solution] Solution: Human capital refers to the stock of skill and productive knowledge embodied in a population. This skill and productive knowledge is provided with the help of proper education and training. However, the benefits of education alone do not lead to the creation of human capital. A human population which is educated but unhealthy cannot realise its potential. An unhealthy population is a liab...
What is the role of education in human capital formation?
[question] Question. What is the role of education in human capital formation? [/question] [solution] Solution: Human capital refers to the stock of skill and productive knowledge embodied in a population. Proper education and training enable the formation of this human capital. An educated population is an asset, a resource. In contrast to the uneducated and untrained, educated individuals make efficient use of the available resources and opportunities. Education and skill are the major determi...
How is human resource different from other resources like land and physical capital?
[question] Question. How is human resource different from other resources like land and physical capital? [/question] [solution] Solution: Human resource makes use of other resources like land and physical capital to produce an output. The other resources cannot become useful on their own. This is the reason why human resource is considered to be superior to the other resources. [/solution]...
What do you understand by ‘people as a resource’?
[question] Question. What do you understand by ‘people as a resource’? [/question] [solution] Solution: People can make the best use of nature to create more resources when they have the knowledge, skill and technology to do so. This is why human beings are considered a resource. It is the abilities of human beings which help in transferring a physical material into a valuable resource. ‘People as a resource’ is a way of referring to a country’s working people in terms of their existing producti...