📚 Learning Guide
Skilled Labor and Economic Growth
hard

A skilled labor force contributes to economic growth primarily through the enhancement of __________, allowing for increased output and efficiency.

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Learning Path

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Choose the Best Answer

A

physical capital

B

human capital

C

natural resources

D

monetary policy

Understanding the Answer

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Answer

A skilled labor force contributes to economic growth primarily through the enhancement of productivity, which means getting more work done in less time and with better quality. When workers have the right skills and training, they can perform their tasks more efficiently, leading to higher output. For example, a factory that employs workers trained in advanced manufacturing techniques can produce more products in a shorter period compared to a factory with unskilled workers. This increase in production not only helps the company grow but also boosts the economy by creating more jobs and increasing the overall wealth of the community. In essence, skilled labor helps businesses operate better, which drives economic progress.

Detailed Explanation

Human capital means the skills and knowledge workers have. Other options are incorrect because Some might think physical capital, like machines, is the main factor; Natural resources, like oil or minerals, are important, but they need skilled people to extract and use them.

Key Concepts

Skilled Labor
Economic Growth
Human Capital
Topic

Skilled Labor and Economic Growth

Difficulty

hard level question

Cognitive Level

understand

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