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Employment Explained CBSE Class 12 Economics Chapter 7

Employment: Growth, Information and Other Issues

Important Terms And Concepts

You are going to learn important concepts and definitions of employment chapter number 7 CBSE in English medium which will help you learn better and prepare for your class 12 boards examination

You are going to learn important concepts and definitions of employment chapter number 7 CBSE in English medium which will help you learn better and prepare for your class 12 boards examination

Explain different kinds of employment.

Employment can be defined as an activity which makes a person able to earn money in exchange for some service offered by them.
There are different kinds of employment, they are as follows:

Self-employed: The people who are engaged in their own business or profession are termed as self- employed. For example: a lady running her beauty parlour from her residential premises.

Casual wage Laborers: People who are engaged in working in other’s farm or non-farm enterprise and get their wages accordingly, it can be daily, weekly or monthly. For example: daily wage worker.

Regular Employment: The workers who works in other’s farm and earn wages/salaries on regular basis. For example: People working on a permanent basis in an enterprise.

Important Terms And Concepts

Gross Domestic Product (GDP):
GDP is the sum total of the final goods and services produced in a year within the domestic territory of the country.

Importance of Financial Management

Gross National Product (GNP):
GNP is the total value of the goods and services produced in the domestic territory of the country within a particular year.

Economic Activities:
All those activities which are done with the view of earning money. For example: Working in a bank.

Worker: The individual who works to earn a living.

Worker-population Ratio: Is the total number of workers divided by the population. It is in p-ercentage form.

Population: Population means all those people who reside in a particular country all a particular period of time.

Self-employed: The people who are engaged in their own business or profession are termed as self- employed.

Casual wage Labourers: People who are engaged in working in other’s farm or non-farm enterprise and get their wages accordingly, it can be daily, weekly or monthly.

Regular Salaried Employees: The workers who work in other’s farm and earn wages/salaries on a regular basis.

When an economy produces more goods and services but generates no or less employment opportunities then it can be termed as jobless growth.

Casualization of workforce: It is the situation when there are a high number of casually hired workers.

Unemployed: A person who is willing to work and accept the prevailing wage rate but still couldn’t get work is called unemployed.
Disguised unemployment: this refers to a situation when people employed in production activities are more than the people actually required.

The Government of India has launched a few campaigns with the view to generate more employment. Some of these campaigns are:
Skill India, Make in India and Start-ups.

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