Economics for Class 11 Chapter 7 Employment, Growth, Informalisation, and Other Issues

Learn CBSE Economics Index Terms for Class 11, Chapter 7 Employment, Growth, Informalisation, and Other Issues.

1. Employment – Employment is an association between two parties, which is normally based on an agreement where work is paid for. Where one party, which may be a corporation, profit or non-profit organisation, cooperative, or any other enterprise, is the employer and the other is the employee.

Employees certainly work in return for payment, which may be in the form of an hourly wage, by piecework, or an annual salary, relying upon the type of work an employee does or which sector they are working in.

2. Population – A discrete assemblage of entities with identifiable characteristics such as people and animals with the objective of analysis and data collection is called a population. It consists of a similar group of species that dwell in a particular geographical location with the capacity to interbreed.

3. Self-employed – Self-employment or independent work is concerned with doing business as one’s own boss instead of working for a particular employer who pays them compensation. It is normal in different occupations; however, one common characteristic feature is that independently employed people will generally be profoundly gifted and skilled in a particular region.

4. Regular Salaried Employees – Regular salaried employees are those hired workers who are on the permanent payrolls of their employers. They are usually skilled workers and are entitled to all types of social security benefits. The concentration of these workers is higher in the urban areas as compared to the rural areas because such jobs require skilled and specialised workers. The opportunities to acquire and enhance such skills are available more in the urban areas. And these skills are acquired through the process of training and education that cannot be accessed in the rural areas due to the lack of investment, infrastructure, and low literacy level of rural people.

5. Casual Wage Labourers – Casual workers refer to those workers, who do not earn regular wages and do not have regular employment throughout the year. They work for a few months or days and earn wages for the work done. Casual workers are not hired by employers on a regular basis. They do not enjoy social security benefits like provident funds, gratuity, etc. They are generally unskilled workers. For example, workers working at a construction site.

6. Casualisation of Workforce – Casualisation of the workforce or labour force is a cycle where work shifts from full-time and stable positions to contract or casual positions. Casual labourers are characterised as those who are employed by others in non-farm and farm enterprises and are paid wages that are handed out every day or periodically in nature. All daily wage blue collar representatives and a few segments of contract workers are casual labourers or casual workers. Expanding casualisation of work influences the possibilities of rural development as well.

7. Labour Laws – According to NCIB, labour law is defined as “ Labour law, also known as employment law, is the body of laws, administrative rulings, and precedents that address the legal rights of, and restrictions on, working people and their organisations. As such, it mediates many aspects of the relationship between trade unions, employers, and employees. In other words, labour law defines the rights and obligations of workers, union members, and employers in the workplace”.

8. Trade Unions – The Trade Unions Act, 1926 (Erstwhile Indian Trade Unions Act) defines the term ‘Trade Union’ as any combination, whether temporary or permanent, formed primarily for the purpose of regulating the relations between workmen and employers or between workmen and workmen or between employers and employers, or for imposing restrictive conditions on the conduct of any trade or business, and includes any federation of two or more trade unions.

In the traditional sense, trade unions are continuous associations of wage-earners for the purpose of maintaining or improving the conditions of their working lives.

Trade unions form a crucial component of the modern industrial system of a country, operating under respective constitutional mechanisms, and adhering to the globally accepted principles laid down by organisations such as ILO.

9. Social Security – Social security is divided by the Indian Government into seven branches: health insurance and medical benefits, old age/retirement benefits, unemployment insurance, life and disability insurance, maternity and childcare benefits, rural job guarantee, and food security. Social Security Schemes are such schemes where the government tries to provide monetary assistance to those people who have no income or inadequate income. In India, there are various schemes that are run as social security schemes.

10. Public Sectors – The public sector consists of businesses that are owned and controlled by the government of a country. The ownership and control of the Central or State Governments in these organisations are either complete or partial. But it still holds a majority stake and makes every single decision regarding running the entity. These organisations include government agencies, state-owned enterprises, municipalities, local government authorities and other public service institutions.

Some of them can be non-profit organisations, while others participate in commercial activities as well. It generally focuses on providing goods and services to the general public at relatively cheaper rates than private companies. Its main aim is to ensure the welfare of the general public within a country.

11. Private Sectors – The private sector enterprises are owned, controlled and managed either by individuals or business entities. It can be small-scale, medium-scale or even large-scale organisations. These get formed to earn a profit from their business operations, and they can raise funding from individuals, groups, and the general public.

The different entities within the private sector include sole proprietorship, partnership, cooperative societies, companies and multinational corporations. They also focus on taking care of the needs of their customers to survive in the long run. Ever since the introduction of the New Economic Policy in 1991 by the Government of India, almost every industry in the country has opened up to the private sector. It has led to a phenomenal increase in the size of the Indian economy and its growth rates.

12. ILO – The International Labour Organization (ILO) is a tripartite body consisting of representatives of governments, trade unions, and member-states employers.

The International Labour Organization, headquartered in Geneva (Switzerland), is a tripartite U.N. agency that came into existence in 1919. It has 187 member states. Some of the main aims of the ILO are to promote rights at work, encourage decent employment opportunities, enhance social protection, etc.

13. Unemployment – Unemployment is a situation when a person actively searches for a job and is unable to find work. Unemployment indicates the health of the economy.

The unemployment rate is the most frequent measure of unemployment. The unemployment rate is the number of people unemployed divided by the working population or people working under the labour force.

Unemployment rate = (Unemployed Workers / Total labour force) × 100

National Sample Survey Organisation (NSSO) defines employment and unemployment on the following activity statuses of an individual. NSSO, an organisation under MoSPI – Ministry of Statistics and Programme Implementation, measures India’s unemployment on three approaches: daily status approach, weekly status approach, and usual status approach.

We hope that the offered Economics Index Terms for Class 11 with respect to Chapter 7: Rural Development will help you.

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