Labor-Intensive Production and Economic Benefits
Question
Analyse how labour-intensive production can benefit an economy.
Category:
Economic Growth & Development
Frequently asked question
Preview Answer
I. 🍃Introduction
A. Definition of labour-intensive production
B. Importance of labour-intensive production in economic development
II. Advantages of labour-intensive production
A. Increase in employment
B. Lower unemployment
C. Raise in incomes
D. Raise in standard of living
E. Reduction in poverty
III. Factors that contribute to labour-intensive production
A. Large supply of labour
B. Relatively unskilled labour force
C. Cheap to employ
D. More flexible than capital
E. Less pollution/more environmentally friendly
IV. Benefits of labour-intensive production
A. Individually made products
B. Handcrafted products
C. Higher quality products
D. Raise in skills level of workforce
E. High demand internationally
F. Increase in exports
G. Reduction in deficit on current account balance
V. 👉Conclusion
A. Recap of advantages and benefits of labour-intensive production
B. Importance of labour-intensive production in economic development
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