How does investment in education and training create productive capacity in the economy?
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1) The knowledge and skills of workers available in the labor supply is a key determinant for both business and economic growth.
2) Industries with higher education and training requirements tend to pay workers higher wages.
3) Differences in training levels is a significant factor that separates developed and developing countries.
4) An economy's productivity rises as the number of educated workers increases since skilled workers can perform tasks more efficiently.
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