Question

What does Watts' discussion of economies of scope imply about the skills college students should invest in?

Answer 1

The economy of scope deals with the producing more than 1 product using the same machinery, plant and given setups that leads to the reduction in costs. From the perspective of college students, they should also own multiple and coherent skills that work together and in different roles, responsibilities and work environment. Hence, students should make investments to pursue necessary training and becomes expert in these skills. It makes them more employable than the those who only own one skill. As a result, any employer going to recruit individuals, will find economy of scope when recruiting students with multiple skills to achieve a resource at low cost, that can deliver different work and responsibilities.