Economics (NTSE/Olympiad)  

2. People As Resources

Glossary People As Resources

1. Resources : Any material which can be transformed in a way that it becomes more valuable and useful is known as Resources.
2. Natural Resources : A natural resource is anything in, on, or above the earth that people use to meet their needs.
3. Human Resources : By the term human resources we mean the size of population of a country along with its efficiency, educational qualities, productivity, organisational abilities and farsightedness.
4. Skilled workers : A skilled worker is one who has proper training and education to work in a particular field.
5. Economic activities : All these activities that give income to the people are called Economic activities.
6. Primary Activities : These include those occupations which are closely related to man’s natural environment. e.g. Agriculture, hunting etc.
7. Secondary Activities : The occupations which produce finished goods by using the products of primary activities as raw material.
8. Tertiary activity : It consists of all service occupations.
9. Disguised unemployment : It is a situation in which more people are engaged in an activity than required.
10. Seasonal unemployment : It is a type of unemployment under which people are employed during some parts of the year and remain without work during the rest of the year owing to the seasonal nature of work.
11. Literate : According to the census of 2001, a person aged 7 years and above who can read and write with understanding in any language.
12. Investment : The existing stock of physical capital assets such as machinery, building, plant and equipment.
13. Productivity : The out put of goods and services compared to the inputs used. It is measure of efficiency of factors of productions.

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