Difine the term scarce skill
Answers
Answer:
A scarce skill refers to the demand for skilled people to fill particular professions or occupations in the labour department. A scarce skill refers to the demand for skilled people to fill particular professions or occupations in the labour department. There are several reasons why there would be a scarcity of skills.
Explanation:
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In Economics,when a skill is scarce,it means that there is high demand for that particular skill in the labor market by the employers in any profession.
Explanation:
A scarce skill can arise or develop due to various reasons such as development of a new field of profession such as digital marketing or data science.Since these fields are relatively new,there will be demand for skilled employees in these fields such as a digital marketing expert or a data scientist.Therefore,scarce skills indicate the high demand for people or employees that possess these particular skills or knowledge among companies or firms in any sector or profession.Since,these skills are not readily available in the market,they have a significantly high demand in the labor market compared to other skills and expertise.