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Knowledge of the business is needed. Being familiar with how it works and having some kind of previous experience working in that field if helpful.
To better answer this question, it would be helpful to know who "they" are referring to and what specific knowledge or experience is being asked for.
Zarathustra (Zoroaster) : "Ability in a human is knowledge which emanates from divine light."
In human society, knowledge is constantly being passed between generations. However, the advent of formal schooling greatly accelerated this process. In early childhood (0-4), most knowledge is experiential (learned through experience in the environment). For the rest of childhood through the beginning of adulthood (5-18), the vast majority of any new knowledge is from schooling, which is almost exclusively made up of transfer of knowledge from previous generations. In college (and post-graduate work), the majority of knowledge is still being learned from previous generations, though new knowledge is starting to be created, and significant intra-generational knowledge transfer first becomes noteworthy. Even after college, given the vast base of modern human cultural knowledge, human beings seldom create their own knowledge, and the minority of acquired knowledge will be from the current (or later) generations. A considerable majority of knowledge that a modern human accumulates across their lifetime comes from a generation before theirs.
The philosopher John Locke is often credited as being the first to argue that knowledge comes from experience. Locke's theory of empiricism posited that the mind at birth is a blank slate or tabula rasa, and that all knowledge is acquired through sensory experience.
I have found that the wages for a Psychologist ranges from $64,201 to $102,284. If you have previous experience in this field and are returning to it, I would think you would be on the higher end due to your previous experience.
Being competent means having the necessary ability, knowledge, or skill to do something successfully.
It actually means this. A natural ability to do something.
The slang term "know-how" means knowledge. Having "no know-how" means being unable to perform a task because of lack of knowledge or experience.
The ability to recognize when you do or don't know something is known as metacognition. It involves understanding your own thought processes and being aware of your knowledge and limitations. Being able to accurately assess your own knowledge can help guide learning and problem-solving strategies.
because jobs are being outsourced their from more developed nations. Knowledge workers have ability to act and communicate with knowledge of a specific subject area.
A person's ability to achieve something is closely tied to their mindset and determination. Believing in oneself and being motivated to overcome challenges are important factors that contribute to a person's ability to succeed. Additionally, acquiring skills and knowledge through practice and experience can also enhance a person's capabilities.