People as Resource - Class 9 - Social Science
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Back Questions - People as Resource | Economics | Social Science | Class 9
What do you understand by 'people as a resource'?
'People as a resource' is a concept that views population as an asset for the economy rather than a liability. This perspective emphasises the potential of the population to contribute positively to the Gross National Product (GNP) through their existing productive skills and abilities. When investments are made in the form of education, training, and medical care, the population transforms into 'human capital'. This human capital represents a stock of skills and productive knowledge, which are crucial for economic growth.
How is human resource different from other resources like land and physical capital?
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Explain how the concept of 'human capital' enhances the productive capacity of a nation.
Human capital refers to the economic value of a worker’s experience and skills, including education, training, and health. Investing in human capital means providing education, health care, and job training, which enhances workers' skills and productivity. This improvement in skills leads to higher efficiency and productivity, resulting in increased economic output for the country. Essentially, well-educated and healthy workers can adapt to new technologies and methods, boosting innovation and efficiency. Thus, investing in human capital formation is crucial as it turns the population into a significant asset, fostering economic growth and development on a national scale.
What are the effects of investing in human capital? Give examples from any country you know.
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