Question

This is from "Microeconomics " subject

write 250 to 500 words

Q1. WHAT ARE THE 3 MAIN SECTORS OF THE ECONOMY?

Q2. WHAT IS A LABOUR INTENSIVE AND CAPITAL INTENSIVE PROCESS? IF YOU WERE A MANAGER OR HAD YOUR OWN BUSINESS WHICH ONE WOULD YOU CHOOSE?

Answer 1

1- the main sectors of the economy are Primary sector(raw materials) Secondary sector(manufactures) and Tertiary sector(service)

the three main economic units are Household,Firm and Government.

2-Labour intensive: is that which uses comparatively larger amount of labour and small doses of capital. It is that technique by which more of labour and less of capital is required for the process of production.

Capital intensive:refers to a productive process that requires a high percentage of investment in fixed assets to produce. A capital-intensive production process will have a relatively low ratio of labour inputs and will have higher labour productivity.

i choose capital intesive.because, higher investment is required to maintain the machines used for production, and output could be considerably higher in the long term. But in labor-intensive techniques, businesses can only increase production by asking workers to work extra hours or employ more temporary staff for a specified period.