People as Resource Economics Review

Vocabulary flashcards defining key economic terms, sectors, and population health indicators discussed in the 'People as Resource' lecture notes.

People as Resource

A way of referring to a country’s working people in terms of their existing productive skills and abilities.

Human Capital

The stock of skill and productive knowledge embodied in the population, created through investment in education, training, and medical care.

Human Capital Formation

The process of further developing existing human resources by making them more educated and healthy, which adds to the productive power of the country.

India’s Green Revolution

A dramatic example of how increased knowledge and improved production technologies can rapidly increase the productivity of scarce land resources.

India’s IT Revolution

An instance illustrating how the importance of human capital has acquired a higher position than material, plant, and machinery.

Virtuous Cycle

A situation where educated parents invest heavily in their children's education and health, because they realize the importance of education, nutrition, and hygiene for themselves.

Vicious Cycle

A situation where disadvantaged parents, who are uneducated and lacking in hygiene, keep their children in a similarly disadvantaged state.

Primary Sector

Economic activities including agriculture, forestry, animal husbandry, fishing, poultry farming, mining, and quarrying.

Secondary Sector

The economic sector that includes manufacturing.

Tertiary Sector

Economic activities providing services such as trade, transport, communication, banking, education, health, tourism, and insurance.

Economic Activities

Activities resulting in the production of goods and services that add value to the national income.

Market Activities

Activities involving remuneration performed for pay or profit, including production of goods/services and government service.

Non-market Activities

The production of goods or services for self-consumption, including processing of primary products and own account production of fixed assets.

Quality of Population

A factor determined by the literacy rate, health (indicated by life expectancy), and skill formation acquired by the people.

Samagra Shiksha

A school education sector scheme extending from pre-school to Class XII with the goal of improving school effectiveness and ensuring inclusive quality education.

Mid-day Meal Scheme

A policy implemented to encourage attendance and retention of children in schools while improving their nutritional status.

Gross Enrolment Ratio (GER)

A ratio in higher education for the age group of $18$ to $23$ years, which was $27\%$ in $2020–21$.

Infant Mortality Rate (IMR)

The death of a child below one year of age; it dropped from $147$ in $1951$ to $28$ in $2020$.

Birth Rates

The number of babies born for every $1,000$ people during a particular period of time.

Death Rate

The number of people per $1,000$ who die during a particular period of time.

Unemployment

A situation that exists when people who are willing to work at the going wages cannot find jobs.

Workforce Population

Includes people in the age group from $15$ years to $59$ years.

Seasonal Unemployment

Occurs when people are unable to find jobs during certain months of the year, particularly common among those dependent upon agriculture.

Disguised Unemployment

A phenomenon where people appear to be employed but their contribution does not add to total productivity; for example, extra family members working on a plot that requires fewer people.