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Class 9 CLASS – 9
SUBJECT – ECONOMICS
People as Resource
Economic Activities: The activities which result in the production of goods and services and value
to the national income are called economic activities.
Disguised Unemployment: It happens when the number of persons employed in a task is more than
what is required ; If these extra persons are removed, there is no adverse effect on the output.
Educated Employment: It occurs when people with formal education, upto some minimum
standard ( generally upto secondary school) , fail to find a productive job.
Gross National Product or National Income: Refers to the sum total of the money value of all
final goods and services produced in an economy during a year.
Market Activity: That part of the activity which produces such goods or services that are sold and
purchased in the market, and the provider of the service gets paid for it.
Non-market Activity: The performer of this type of economic activity produces primarily for self –
consumption.
Own-Account Production: The produced asset is not sold in the market; it is produced for self
consumption, e.g. ,a house.
Primary Sector :It consists of all those activities which are based on natural resources, such as
agriculture, forestry, animal husbandry, fisheries, poultry farming, and mining.
Seasonal Unemployment: It happens when people are not able to find jobs during some months of
the year.
Secondary Sector: It consists of all those activities which transform the shape of nature based raw
materials into some useful objects, e.g. quarrying and manufacturing.
Tertiary Sector: It consists of all those activities which are concerned with the distribution of goods
and services so that these reach the final consumers, e.g. trade, transport, communication, tourism,
health and insurance.
Unemployment: A situation in which a person is willing to work at current wage rate, but doesn’t
get a job.
Vicious Cycle: One bad event results in another negative event, which in turn perpetuates the first
event and so on; it becomes difficult to identify which is the cause and which is the effect of the
cycle.
Virtuous Cycle: One good event leading to another; this, in turn, further promotes the first positive
event, which, in turn, once again promotes the second positive event and so on.
Q1 What is human capital formation? How is it different from Physical Capital formation?
Human capital formation refers to addition to the stock of human capital in the country. This addition
takes the form of investment in education, training and health care.
Human capital formation is both similar to and different from physical capital formation.
=> Human capital formation adds to the productive capacity and generation of income; physical capital
formation also performs the same function.
=>Human capital formation adds to the stock of human skills and knowledge. Physical capital formation
adds to the stock of tools equipments, machinery and buildings in an economy.
Q10 Is there any difference b/w unemployment in rural and urban areas?
Yes the nature of the unemployed differs in rural and urban area. In case of rural areas there is seasonal and
disguised unemployment. Urban areas have mostly educated unemployment.
GNP has increased by 10%. We will say that the rate of the growth of the economy in 2001-2002 was 10%
over the preceding year.
Q14 Differentiate between different types of economic activities with the help of examples.
Different type of economic activities can be classified into:
a) Primary activities. Primary activities include those activities which are related to the natural
resources like cultivation of land, forestry, poultry etc.
b) Secondary activities. These are the activities which are concerned with the transformation of natural
resources into other goods. E.g. transformation of wheat into flour is a secondary activity.
c) Tertiary activities. It includes all the activities which produce different type of services needed by
the people in the economy. E.g. banking, teaching, driving etc.
In an undeveloped economy, primary sector is the dominant sector of the economy. With economic growth
the relative shares of secondary and tertiary sectors increases whereas that of the primary sector falls.
Q15 Give two examples of how the human capital has brought phenomenal changes in the Indian
economy.
a) Green revolution. It occurred in the late 1960s. It brought about massive increase in the crop
production. It was primarily brought out by the application of the human mind and knowledge in
cultivation.
b) Information Technology Revolution. It is relatively a new phenomenon. It has been brought out by
the application of human skills and knowledge. It has totally changed the way the information is
generated and distributed.
Q19 Outline the strategies of the Tenth Five Year Plan to promote education.
The Tenth Five Year Plan aims to :
a) Increase the number of schools and colleges.
b) Quality improvement
c) Vocationalisation of education
d) Promotion of distant education
e) Convergence between formal and non – formal system of education
f) Adoption of state specific curriculum