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The section elaborates on how viewing people as a resource can transform the economy by investing in their education and health, creating human capital that contributes to society's productivity and economic growth. It highlights the positive implications of investing in human resources rather than viewing them solely as a liability.
The chapter covers the concept of viewing population as an asset instead of a liability in economic terms. It suggests that people become human capital through investments in education, training, and healthcare. This human capital, which comprises the skills and knowledge of individuals, is crucial for the productivity of a nation.
The overarching message is that with appropriate investments, populations can be transformed into significant economic assets, fostering growth and development.
Human Capital: The skills and knowledge that make individuals productive.
Investment: The allocation of resources like time and money for education and healthcare.
Economic Activities: The various sectors like primary, secondary, and tertiary that involve labor.
Disguised Unemployment: Employment where more people are engaged than necessary.
Seasonal Unemployment: Periodic unemployment related to seasonal work.
Health and education are keys, to economic growth with ease.
Once, a village invested in education and health, and soon saw prosperity grow, turning their children into skilled grown-ups who helped their parents and each other.
HEM (Human capital, Education, Medicine) for a prosperous economy.
The story of Sakal and Vilas illustrates how access to education impacts economic potential.
Countries like Japan exemplify how investing in human resources leads to high economic growth despite a lack of natural resources.
Term: Human Capital
Definition: The collective skills, knowledge, and experience of individuals that contribute to economic productivity.
The collective skills, knowledge, and experience of individuals that contribute to economic productivity.
Term: Investment in Human Capital
Definition: Spending resources on education, training, and health care to improve the productivity of individuals.
Spending resources on education, training, and health care to improve the productivity of individuals.
Term: Economic Activities
Definition: Activities that contribute to the production of goods and services and can be segmented into primary, secondary, and tertiary sectors.
Activities that contribute to the production of goods and services and can be segmented into primary, secondary, and tertiary sectors.
Term: Disguised Unemployment
Definition: A situation where individuals are employed but their contribution to output is negligible, often seen in family-run farms.
A situation where individuals are employed but their contribution to output is negligible, often seen in family-run farms.
Term: Seasonal Unemployment
Definition: Unemployment that occurs at certain times of the year when demand for labor falls, such as agricultural seasons.
Unemployment that occurs at certain times of the year when demand for labor falls, such as agricultural seasons.
Term: Gross National Product (GNP)
Definition: The total value of goods produced and services provided in a country during one year.
The total value of goods produced and services provided in a country during one year.
Term: Economic Growth
Definition: An increase in the production of goods and services in an economy over a period of time.
An increase in the production of goods and services in an economy over a period of time.