How does a country’s educational system influence its business
environment?
How does a country’s educational system influence its business
environment?
Solutions
Expert Solution
A prospering and robust educational system of a country is very
critical for its business environment as better education shapes
the skills, attitudes and behaviour of the population.
Higher educated workers are productive and have the capability
to deliver more than expected in their position
Education in every sense is a fundamental factor for the
development of the economy as it promotes entrepreneurship and
technological advancement.
In addition, it plays a crucial role in improving social,
economical and income distribution of people.
If in an economy the demand for the employee or skilled labor
is not met then the economy cant grows which is fulfilled by
education as it provides skilled laborers.
In the era of globalization, every country is competing with
each other and in international trades a comparative advantage is
required. This depends a lot in educational system as they
influence peoples thought process and strategy making.
How
does a nation's educational system relate to its economy? e.g., How
does education and training interact with the economy?
Why
do some businesses flourish while others fail? Do well trained
workers cluster (at times) in the same geographical region? e.g.,
silicon valley.....
Do
industries with low barriers to entry for new employees have lower
wages? And are the workers at more risk of being laid-off than with
industries of higher requirements.? What does this say about
education and training?...
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the society in which...
1. How can a central bank influence the supply and demand for
money in a
country’s economy? Why do the amount and price of money
matter? Describe
some of the connections between a country’s money supply and
its international
balance of payments.