In Addition to Basic Enabling Skills, the Department of Labor

question 51

Essay

In addition to basic enabling skills, the Department of Labor has identified five essential functional skills necessary to be successful in the workplace now and in the future.Briefly identify these skills.

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Definitions:

Moral Hazard

The situation in which one party engages in risky behavior knowing that it is protected against the risk because another party will incur the cost.

Adverse Selection

A situation where asymmetric information leads to the selection of undesirable alternatives in transactions.

Efficient Outcomes

Situations in economics where resources are allocated in a way that maximizes the net benefit to society, meaning no individual can be made better off without making someone else worse off.

Market Conditions

The features that characterize the current state of the market, including supply, demand, competition, and pricing dynamics.