In: Economics
Explain how one year of education impacts the average earning.
One year of education will put positive impact on average earning and average earning will get increased due to positive effect of one year of education.
Education imparts skills to the people and it gives them certain advantage over others who had not taken education.
Education gives people to understand the process to do any thing/to complete any task/any specific task. Due to one year education one will be able to do the same job efficiently and will produce more in less time and can also do the new things which he/she had not done previously and this will give them chances to earn more and this will accordingly increase their average earning/income.
One year of education is giving one necessary information/technical and practical know how for doing any task and this will increase the demand for the skilled labour/worker who is educated/have taken one year of education and he/she will be able to fetch more average earning/income than before.