Chapter 2 People As A Resource

Question 1

What do you understand by people as a resource.

Answer 1

It is a means to show that the population is an asset not a liability to the economy.

Question 2

Role of education in human capital

Answer 2

Education allows an individual to increase his skills thereby increasing his labour quality and value in the job market. Then these individuals contribute in improvement in production thus improving economy.

Question 3

Role of health in human capital.

Answer 3

Health person can fulfill his full potential. Healthy person can work with focus and without being absent.

Question 4

How is human capital superior to other factors of production.

Answer 4

Huamn capital is superior. Land, labour cannot become useful on their own, they need human capital to be fully used to their potential.

Question 5

Disguised unemployment and seasonal unemployment.

Answer 5

Dis - when a person adds no value to production.

Seasonal - it occurs when a person is unemployed for a particular period of time.