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Labor-Intensive Production and Economic Benefits

Question

Analyse how labour-intensive production can benefit an economy.

Category:

Labor Market and Income Distribution

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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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