Which of the following statements accurately describe the relationship between skilled labor and economic growth? Select all that apply.

Skilled labor plays a crucial role in driving economic growth because it refers to workers who have specialized training or education that makes them more efficient and productive. When a workforce has a higher number of skilled workers, businesses can produce goods and services more effectively, leading to increased output and innovation. For example, consider a factory that hires engineers who can design advanced machinery; this can enhance production speed and quality, ultimately boosting the company's profits and contributing to the economy. Additionally, skilled labor can adapt to new technologies more easily, which is vital in a rapidly changing economic environment. Therefore, investing in education and training for workers not only benefits individuals but also strengthens the overall economy.