Broadly, there are two techniques of production. a. Labour intensive Technique : Under this technique, production depends more on the use of labour. b. Capital Intensive Technique : Under this technique, production depends more on the use of machines (called capital) efficient technique of production is that which uses minimum possible inputs for a given amount of output. So that, cost per unit of output is minimised.
Answers
Yogendra Rajput
Broadly, there are two techniques of production.
a. Labour intensive Technique : Under this technique, production depends more on the use of labour.
b. Capital Intensive Technique : Under this technique, production depends more on the use of machines (called capital) efficient technique of production is that which uses minimum possible inputs for a given amount of output. So that, cost per unit of output is minimised.