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What problems could businesses face when they do not find workers with the required skills?

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Question

What problems could businesses face when they do not find workers with the required skills?

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Solution

Businesses may face several difficulties when they cannot find workers with the required skills. The lack of skilled workers can lead to lower productivity, poor-quality work, and delays in production. Businesses may also have to spend extra money on training employees or hiring skilled workers from other places. It can also make it harder for companies to adopt new technologies and develop innovative ideas. As a result, their costs may increase and profits may decrease.

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Chapter 7: Factors of Production - Intext Questions [Page 170]

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NCERT Social Science Exploring Society India and Beyond Part 1 [English] Class 8
Chapter 7 Factors of Production
Intext Questions | Q 10. | Page 170
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