Class 9 Economics
Question 1: What do you understand by ’people as a resource’?
Answer: People who are part of the workforce are called human resource. By contributing in productivity, the human resource plays a significant role in the economy of a country. Any other resource becomes useful only because of the input by the human resource.
Question 2: How is human resource different from other resources like land and physical capital?
Answer: Human resource is different from other resources in many senses. Human resources need education, training and healthcare to develop. On the other hand, land and physical capital need money and physical inputs to develop. Land and physical capital are useless without human resources.
Question 3: What is the role of education in human capital formation?
Answer: Education plays an important role in human capital formation. Education improves the quality of human resources. An educated person is likely to contribute to the economy in a better way than an uneducated person. We should keep in mind that education does not only mean a formal education to obtain degrees but also means skill development.
Question 4: What is the role of health in human capital formation?
Answer: Health plays an important role in human capital formation. A healthy person is more likely to realize his full potential and can become an asset for the economy. An unhealthy person is less likely to realize his potential and can become a liability for the economy.
Question 5: What part does health play in the individual’s working life?
Answer: A healthy person will not have to take frequent breaks from his work. By working on full schedule, a healthy person can improve his earnings and can live a better life. Moreover, he will also be in a position to save on medical bills. The money thus saved can be utilised for creating some assets.
Question 6: What are the various activities undertaken in the primary sector, secondary sector and tertiary sector?
Answer: Primary Sector: Agriculture, poultry farming, fishing, horticulture, animal husbandry, mining, quarrying, etc.
Secondary Sector: Manufacturing
Tertiary Sector: Banking, transport, finance and different types of services
Question 7: What is the difference between economic activities and non-economic activities?
Answer: An activity which is done with the aim of monetary return is called an economic activity, while an activity which is not done with the aim of monetary return is called a non-economic activity. The most quoted example to understand this is that of a teacher. When a teacher teaches students in a school, he is doing economic activity. When the same teacher teaches his son, he is doing non-economic activity.
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