ECONOMICS
HUMAN CAPITAL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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skilled workers are in greater supply
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skilled workers have more bills to pay
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skilled workers have spent fewer years in school
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skilled workers produce more than unskilled workers
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Detailed explanation-1: -A skilled worker generates more income than an unskilled worker mainly because the productivity of an educated and skilled person is higher than an unskilled one. A skilled worker also commands higher earnings and gainful employment.
Detailed explanation-2: -Unskilled labor, when measured by educational attainment, refers to jobs that require a high school diploma only, or could be filled by a high school dropout who masters specific skills. Skilled labor requires additional skills or education.
Detailed explanation-3: -It is often attributed to the increasing demand for skilled workers, particularly on account of the rise in the use of technology in the production process.
Detailed explanation-4: -Skilled labor doesn’t just do the job either. Sometimes, they can contribute to re-thinking how the job is done and employing new techniques and technologies when suitable. Unskilled labor simply refers to workers who lack technical training and expertise. Unskilled labor jobs are just as crucial as skilled labor jobs.
Detailed explanation-5: -Technological advancement increases the demand for skilled workers. During the post industrial revolution time, there was a demand for skilled workers to produce the machines.