ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Findings highlight that educational credentials have a stronger impact on productivity than on wage costs. Firms’ profitability is found to rise when lower educated workers are substituted by higher educated ones. This effect is found to be more pronounced among younger workers and women.

Detailed explanation-2: -What is skilled labor? Skilled labor refers to work that requires a certain amount of training or skills. This type of work is exemplified in electricians, administrative assistants, doctors, plumbers and more. Skilled labor workers are either blue-collar or white-color.

Detailed explanation-3: -Skilled labor refers to highly trained, educated, or experienced segments of the workforce that can complete more complex mental or physical tasks on the job. Skilled labor is often specialized and may require a prolonged period of training and experience.

Detailed explanation-4: -It helps to increase your productivity. Because they are highly qualified and experienced, skilled individuals can help your business become more productive. Whereas more training for unskilled workers may be necessary, this somehow takes more time and money to upskill them.