Questions and Answers
What is labour-intensive production?
Production mainly dependent on labor, adopted in small-scale industries like hotels and restaurants
What is capital-intensive production?
Production requiring a relatively high level of capital investment compared to the labor cost, often automated like car-manufacturing
What does productivity measure?
The amount of output produced from a given amount of input over a period of time
What are some factors that influence production?
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What is the transformation of raw materials to finished or semi-finished goods and services known as?
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