The Economy and the Impact on Students, Parents and Colleges Coursework

The Economy and the Impact on Students, Parents and Colleges - Coursework Example education and training of the country’s workers. The wage rate of a particular country is affected by the education as well as training of a particular worker. It is a well known fact that a well-trained as well as educated worker is found to be more prolific and tends to earn more money in comparison to illiterate workers. It is the difference in the level of the training that has a propensity to separate the rich as well as poor nations. Most of the employers prefer staffs who tend to be efficient and productive as well as necessitate minimal management. There are various factors that need to be considered by the employer when making plan whether to pay for the employees training or not such as the enhancement of the productivity of the employees, loyalty of the employees and employees commanding a higher wage among others (Sturm, 2012). Most of the workers are found to be enhancing their earning capacity by emphasizing upon their capabilities about a particular job. The emp loyees are found to be interested in learning to operate the new technologies in order to compete for high wages. The employees are supposed to consider numerous factors when taking training. They need to consider the extra productivity that they expect to attain, the cost of training program and the trends in labor market for trained professionals. Most of the countries focus upon the creation of the education system so that they can attain skilled workers. The economy of the country is found to be flourishing with the increment in the number of the educated personnel (Sturm, 2012). Education and Its Impact upon Economy of New Jersey The impact of the recent economic downturn has been hard-hitting in New Jersey. This downturn has compelled the... This essay approves that two factors tend to determine how well a country’s economy will do i.e. education and training of the country’s workers. The wage rate of a particular country is affected by the education as well as training of a particular worker. It is a well known fact that a well-trained as well as educated worker is found to be more prolific and tends to earn more money in comparison to illiterate workers. It is the difference in the level of the training that has a propensity to separate the rich as well as poor nations. Most of the employers prefer staffs who tend to be efficient and productive as well as necessitate minimal management. Most of the workers are found to be enhancing their earning capacity by emphasizing upon their capabilities about a particular job. This report makes a conclusion that there is a considerable impact of education on the economy. With the increase in the number of the educated personnel in a particular economy, there is rise in the economy as well. It is the knowledge as well as the dexterity of the workers accessible in the labor market that determine the growth of the businesses as well as the economy. The economies possessing supply of skilled personnel brought up by means of school and college education and training is capable of capitalizing on this through creation of value added industries. The workers with high college degrees earn relatively high wages in comparison to the ones without college degrees. Hence, it is significant for the economy to place greater emphasis upon the training and education of the citizens.