Quick Revision Notes & Formula Sheet

Class 9 - Social Science (Economics)

Chapter: People as Resource

### Concept 1: Introduction to People as Resource

• People as Resource: This is a way of referring to a country's working population in terms of their existing productive skills and abilities.
• Human Capital: When the existing 'human resource' is further developed by becoming more educated and healthy, it is called Human Capital Formation. It adds to the productive power of the country, just like physical capital.
• Investment in Human Capital: Just like land and capital, human beings need investment in education, training, and healthcare to yield a higher return in the future.

### Concept 2: Economic Activities by Men and Women

Economic activities are divided into three main sectors:

1. Primary Sector: Includes agriculture, forestry, animal husbandry, fishing, poultry farming, mining, and quarrying. (Agriculture is the most labour-absorbing sector in India).
2. Secondary Sector: Includes manufacturing and industry.
3. Tertiary Sector: Includes trade, transport, communication, banking, education, health, tourism, services, insurance, etc.

Types of Economic Activities:

• Market Activities: Production for profit or market; involves remuneration to anyone who performs (i.e., activity yielding pay or profit).
• Non-market Activities: Production for self-consumption (consumption and processing of primary product and own-account production of fixed assets).

### Concept 3: Quality of Population

The quality of the population depends upon the literacy rate, health of a person indicated by life expectancy, and skill formation acquired by the people of the country.

1. Education:

• Education is a crucial input for the growth of a person. It opens new horizons, provides new aspirations, and develops values of life.
• Sarva Shiksha Abhiyan (SSA): A significant step towards providing elementary education to all children in the age group of 6-14 years by 2010.
• Mid-Day Meal Scheme: Implemented to encourage attendance and retention of children and improve their nutritional status.

2. Health:

• The health of a person helps them to realize their potential and the ability to fight illness. An unhealthy person is a liability for an economy.
• Life Expectancy: The average number of years a person is expected to live.
• Infant Mortality Rate (IMR): The death rate of children under one year of age.

### Concept 4: Unemployment

Unemployment is said to exist when people who are willing to work at the going wages cannot find jobs.

Types of Unemployment in India:

1. Seasonal Unemployment: Happens when people are not able to find jobs during some months of the year (mostly in agriculture due to its seasonal nature).
2. Disguised Unemployment: Happens when more people are engaged in an activity than required. If some people are removed, the production does not decrease. (Commonly seen in agricultural families).
3. Educated Unemployment: When educated youth with graduation, post-graduation, and professional degrees are unable to find suitable jobs. This is a major problem in urban areas.

### Key Terms & Definitions (MP Board Quick Review)

• Human Resource: Population of a nation possessing skills, education, and health.
• Gross Domestic Product (GDP): The total monetary value of all finished goods and services produced within a country's borders in a specific time period.
• Virtuous Cycle: Created by educated and healthy parents who invest heavily in their children's education and health, leading to a high-productive future generation.
• Vicious Cycle: Created by disadvantaged parents who, themselves uneducated and unhealthy, cannot provide proper care or education to their children, trapping them in poverty.