Question

how job training skill leads the economic development of a person. describe it with example?​

Answer 1

Answer:

Explanation:

Why do most workers with college degrees earn so much more than those without degrees? How does a nation's education system relate to its economic performance? Knowing how education and training interact with the economy can help you better understand why some workers, businesses, and economies flourish, while others falter.

As the labor supply increases, more downward pressure is placed on the wage rate. If the demand for labor by employers does not keep up with the supply of labor, wages usually fall. An excess supply of workers is particularly harmful to employees working in industries with low barriers to entry for new employees, i.e., they don't have a degree or any specialized training.

Conversely, industries with higher education and training requirements tend to pay workers higher wages. The increased pay is due to a smaller labor supply capable of operating in those industries, and the required education and training carries significant costs.

KEY TAKEAWAYS

The knowledge and skills of workers available in the labor supply is a key determinant for both business and economic growth.

Industries with higher education and training requirements tend to pay workers higher wages.

Differences in training levels is a significant factor that separates developed and developing countries.

An economy's productivity rises as the number of educated workers increases since skilled workers can perform tasks more efficiently.

How Education Benefits a Nation

Globalization and international trade require countries and their economies to compete with each other. Economically successful countries will hold competitive and comparative advantages over other economies, though a single country rarely specializes in a particular industry. A typical developed economy will include various industries with different competitive advantages and disadvantages in the global marketplace. The education and training of a country's workforce is a major factor in determining how well the country's economy will perform.