Paar Flashcards
(10 cards)
What is Human Resources
When There is an investment made by the government on the population in terms of proper education, health facilities and proper food is known as human resource
What is human capital formation
When the existing human resource is further developed by becoming more educated and healthy, we call it human capital formation that adds to the productive power of a country
Investment In the human capital yields high return just like physical capital. Explain with help of examples
Investment in human capital adds to the productive power of the country just like physical capital formation. This can be seen directly in the form of higher incomes earned because of higher productivity of the more educated or better trained persons as well as higher productivity of healthy people
Human capital is superior to other resources. Explain eith help of example
human Capital is superior to other resources like land and physical capital and it can make use of land and capital For example:
indias green revolution is the best example how the input of greater knowledge in the form of improved production technologies can increase the productivity of scarce land
Indias It revolution is a striking instance of how the importance of human capital has come to acquire a higher osition than that of material plant and machinery
Differentiate between vicious and virtuous cycle
Educated parents are found to invest more on the education of their child because they have realised the importance of education
they are also conscious of proper nutrition and hygiene and look after their childrens needs for education and good health. this is virtuous cycle
in contrast, The vicious cycle is created by disadvantaged parents who themselves are unecucated and lacking in hygiene keep their children in a similarly disadvantaged state.
name the types of economic sectors
primary(agriculture, Forestry, Animal husbandry, Poultry farming, Fishing, Mining, Quarrying), Secondary(Manufacturing) and tertiary(Trade, Transport, Communication, Services, Banking, Education, Health)
What are economic activities
Human activities that generate income are known as economic activities
economic activities are development and wealth producing activities. It creates economic and financial gain by producing goods and services and adds value to the national income
what is the primary sector
Primary sector is concerned with the utilisation of raw materials from nature
What is secondary sector
Manufactures finished goods
It uses the output of the primary sector
Includes automobile production, breweries, construction, ship building etc
Describe tertiary sector
It is also called service sector. It provides services to the general population and business
Services are inangible goods
