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HOW IS LABOR INTENSIVE INDUSTRIES DIFFERENT FROM CAPITAL INTENSIVE INDUSTRIES?

Labour-intensive production In Economics, labour is the all human efforts in the production. Labour does not only mean the labourers in an industrial site. If we take an example of a tourist resort, labour includes the receptionists, bell boys, bartenders, waiters, admin assistants, telephone operators etc. Labour-intensive production means that the way that a good or service is produced depends more heavily on labour than the other factors of production, such as capital. Capital-intensive production ‘Capital’ refers to the equipment, machinery, vehicles and so on that a business uses to make its product or service. This meaning is also consistent with the meaning that the capital is the resources provided by the owner/owners to the business to do the business. Capital-intensive processes are those that require a relatively high level of capital investment compared to the labour cost. These processes are more likely to be highly automated and to be used to produce on a large scale. An industry that is capital intensive is – oil refining, manufacturing. Get notes from here https://instagram.com/padhaku_log?igs... Check out our playlists- Law -    • How Substantive Law different from Pr...   Difference Between playlist    • LAW Difference Between Videos | LEGAL...   General terms-    • Плейлист   Economics-    • Anti Dumping Duty | What is Anti Dump...   Geography -    • What are Perennial and Non- Perennial...   General Knowledge-    • Видео   Case Studies-    • Salomon vs. Salomon and Co. Ltd Case ...   GST Registration-    • Видео   CSEET -    • Видео      • Видео   Current affairs-    • Плейлист   Connect with us- Instagram- https://instagram.com/padhaku_log?igs... Facebook-   / padhaku-log-101091301476679   Mail id- [email protected] Watsapp-9630227777 Telegram-9630227777 About us: Padhaku Log is a platform specially created for those students who live in remote areas and don’t have access to fancy coaching classes. A channel which wants to bring parity in knowledge level of all. #CAPITALINTENSIVEANDLABOURINTENSIV #economics #basiccoceptsofeconomics #commercestudents #cseet #ca #cs #icsi #icai #cma #CLASS11 #class12 #economicterms