Some economists criticise high government spending and trade unions for creating market disequilibrium. However, trade unions may also play a key role in economic development. There are over 60 trade unions in Singapore, in both labour-intensive and capital-intensive industries. Explain the difference between labour-intensive and capital-intensive industries.
Exam No：0455_w21_qp_21 Year：2021 Question No：5(b)
Answer:
Logical explanation which might include:
Labour-intensive industries rely more on human labour (1) i.e. workers
(1) low-cost labour may be available (1) example of industry (1)
Capital-intensive industries rely more on capital (1) i.e. machines (1)
capital more efficient / cheaper than labour (1) example of industry
Labour-intensive industries rely more on human labour (1) i.e. workers
(1) low-cost labour may be available (1) example of industry (1)
Capital-intensive industries rely more on capital (1) i.e. machines (1)
capital more efficient / cheaper than labour (1) example of industry
Knowledge points:
3.6.2 labour-intensive and capital-intensive production
Solution:
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