Unemployment
The inability of a willing person to find work can be defined as Unemployment. Any skilled person who is looking for a job with all the necessary qualifications is unable to secure some work for himself is said to be unemployed. In other words, It is the condition where people of the working-age are incapable of finding an occupation for themselves.
The rate of unemployment in India for people above the age of fifteen is around 9 %. This rate varies with different aspects when different factors are involved.
For example, women’s unemployment rate is more as compared to men’s. Similarly, in rural areas numbers of unemployed people are high as compared to urban areas.
Unemployment is a curse and the biggest problem of any country. It is clearly a waste of the human resource of a nation which can lead to many problems such as an increase in the rate of poverty and a decrease in the health of people. If this problem of unemployment is left unmanaged then it can lead to social unrest. Circumstances of Unemployed people can easily get involved in doing illegal things or loss the economy of the country.
Sometimes it also creates an extra burden upon their families and the government. Therefore it is very important to manage the situation of unemployment in the country. In India, we have unemployment in rural and urban areas but unemployment differs in rural areas and urban areas.
Unemployment – Definition, Types, Factors, Disadvantages
People as a resource are defined as people who are a part of the workforce and play a significant role in economic growth by contributing to the productive resources of the country. For the development of the country. A country also needs people who can put those resources to good use and increase production along with various other resources.
To get more resourceful people country needs to do invest in human resources or human capital and it is done through training, education, and healthcare, making the workforce more productive and hence it will be more beneficial for the economy
It refers to a country’s working people in terms of their existing productive skills and abilities like other resources Population is also a resource i.e. a human resource and it has the ability to contribute towards the creation of gross national product when the existing human resource is further developed by becoming more educated and healthy then it is called human capital formation. This human capital formation leads to higher income earned because of higher productivity.