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Summarize the relationship between knowledge and skill and the level of wages in the labor market ?
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13 votes
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Summarize the relationship between knowledge and skill and the level of wages in the labor

market
?

User Naaman
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10 votes
Just as in any market, the price of labor, the wage rate, is determined by the intersection of supply and demand. When the supply of labor increases the equilibrium price falls, and when the demand for labor increases the equilibrium price rises.
User Anarhikos
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28 votes

Answer:

The relationship between knowledge and skill is easy to explain. If you have the knowledge (college degree) then companies will probably hire them because even if they don't have the skill, they are credible and can still be taught. Someone with skill but no degree is viewed as not as valuable.

Step-by-step explanation:

User Neil John Ramal
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