Factors influencing Growth and Development on Education / Skills
Factors influencing Growth and Development on Education / Skills
Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes
Factors influencing Growth and Development on Education / Skills
Human Capital
Education and training are key components of human capital, providing individuals with knowledge and skills to participate in the workforce and innovate.
Education
Can lead to increased productivity and higher economic growth, reduced poverty and improved health.
Skilled Workforce
Improves productivity and wages leading to economic growth, adaptability to changing technologies.
Vocational Training
Can improve skills and lead to higher productivity, reduced unemployment.
Access to Education
Fundamental right, lack of access leads to income and opportunity inequality.
Quality of Education
Necessary for successful education and human capital development.
Innovation
Driven by a highly educated and skilled workforce, leading to increased productivity and growth.
Government Investment
Can improve skills of workforce and increase productivity for higher economic growth.
Incentives
Subsidies, tax credits or grants can encourage individuals and employers to invest in education and training.
Quick Fire Questions – Knowledge Check
1. Identify and explain five factors influencing the Growth and Development on Education / Training (10 marks)
Next Revision Topics
- Factors influencing Growth and Development
- Factors influencing Growth and Development – Absence of Property Rights
- Strategies influencing Growth and Development
- Measures of Development
- Poverty
- Inequality
A Level Economics Past Papers
