Question

A ________ is one in which wages and other compensation paid to employees constitute a high percentage of expenses.

Answer 1

A labor intensive industry is one in which wages and other compensation paid to employees constitute a high percentage of expenses. 

Labor intensive industries are classified as an industry that produces goods or services that require a huge amount of labor. Some examples of a labor intensive industry are those such as: farming, agriculture, mining, food service and hospitality jobs.

Answer 2

A labor intensive industry is the one in which wages and other compensation paid to workers constitute a larger percentage of expenses.

What is a Labor intensive industry?

A labor intensive industry is one that necessitates a considerable quantity of work to create its commodities or services.

Labor expenses include all costs associated with obtaining the human resources required to execute labor.

As real wages grow in the economy, corporations are incentivized to spend more capital in order to increase worker productivity, allowing the firm to continue to manage the cost of more costly labor.

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