Ans. Agriculture is the most labour absorbing sector of the economy. In recent years, there has been a decline in the dependence of population on agriculture partly because of disguised unemployment discussed earlier. Some of the surplus labour in agriculture has moved to either the secondary or the tertiary sector. In the secondary sector, small scale manufacturing is the most labour absorbing. In case of the tertiary sector, various new services are now appearing like biotechnology, information technology and so on.
Ans. In fact, human capital is in one way superior to other resources like land and physical capital: human resource can make use of land and capital. Land and capital cannot become useful on its own. Countries like Japan have invested in human resource. They did not have any natural resource. These countries are developed/rich countries. They import the natural resource needed in their country. They have invested on people especially in the field of education and health. These people have made efficient use of other resource like land and capital.
Ans. Importance of ‘People as Resource’
Ans. Consequences of unemployment
Ans. Measures in the education system to mitigate the problem of the educated unemployed:
Ans. Difference between market and non-market activities
1. Market activities involve remuneration to anyone who performs i.e., activity performed for pay or profit.
1. Non-market activities are the production for self-consumption.
2. These include production of goods or services including government service.
2. These can be consumption and processing of primary product and own account production of fixed assets.
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