In what specific ways (if any) does a college education increase a worker's productivity? Take some special care with this problem. A college education can increase a workers’ productivity in various ways. Generally a college graduate enters into the labour market with more knowledge and higher skills than a non-college graduate. These higher skills can be improved thinking, writing, communication and problem solving; which increase productivity. The thinking processes increases the application of their knowledge which increases their productivity and efficiency. Also a college education allows the worker to be more adaptable to the changing environment of their industry and allows them to learn quicker as the changing needs and requirements change. Or in other words their multitasking skills are greater which helps minimize costs and increase productivity for the company. As their education and training levels continue to rise so does their Problem 2
In what way is Per Capita GDP a better measure of economic well being than GDP? How does this relate to economic problems in the undeveloped world? Per Capita GDP is a better measurement of economic well being because it measures the average national income vs the national income. The per capita GDP provides a better determination of living standards as compared to the GDP. It is a more reliable measurement for determining the economic state of a nation in an individual perspective. This relates to the economic problems of undeveloped nations because most of these nations have a slow GDP growth while their population growth is higher than their GDP. This in-turn provides a low per capita GDP, further depressing their living standards. Problem 3
Is limitless growth possible? Justify your answer thoroughly. I do not think limitless growth is possible. As economic growth relies on the finite resources of the Earth, then economic growth is not limitless. The productivity of a resource can be improved with...
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