The Effect of Various Factors on Income
The value of a product or service in today's economy. In today's competitive economy it is important to know the market value of a worker's skill and knowledge.
The skills, knowledge, and experience possessed by an individual or population viewed in terms of their value or cost to an organization or country.
A Worker's Skill
A worker's skill is proportional to their income. The more skilled the worker is the higher their potential income becomes. This is also true in reverse, if a worker has few skills they are less desirable to employers which lowers their potential income.