Page 1 - LN_IX_ECO_CH_2_SUB_1

SAI INTERNATIONAL SCHOOL
SESSION 2020-21
CLASS-IX

ECONOMICS- Ch-2- PEOPLE AS RESOURCE

LESSON NOTES
SUB-TOPIC- 1
OVERVIEW

Lesson Notes:

Overview

People as Resources-
• People as a resource is a way of referring to a country’s working
people in terms of their existing productive skills and abilities.

• It refers to the human capital with the required skills and abilities to
contribute to the economy of the country.
• It is an effort to explain population as an asset for the economy
rather than a liability.

ASSETS- When the large population of the country becomes educated,
healthy and contribute to the productive powers of the country, they can
be considered as asset to the nation.

LIABILITY- When the large population of the country, needs to be
provided with food, shelter, clothing, education, healthcare etc. and who
do not contribute to the productive powers of the nation , are termed as
liability to the nation.

HUMAN CAPITAL- Human capital is the stock of skill and productive
knowledge embodied in them.

HUMAN RESOURCE-

• Working population of a country and their productive abilities and
skills are known as Human Resource.
• People who are a part of the workforce are called human resource.
• The human resource plays a significant role in contributing to the
economy of the country.
• They are able to contribute to the creation of GROSS NATIONAL
PRODUCT.