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Economics glossary · Work and what it pays

Required education

What required education means in economics, as one of factors that shift the supply of labour, with an example and a question to test yourself.

Definition
Required education
Required education is the schooling and training a job demands, and the more a job requires, the lower the supply of labour to it.
Example

Can you think of an example of required education?

Test yourself

Can you name the four factors that shift the supply of labour?

Learn it properly: the module

Also in: Why wages differ between jobs

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