Large-scale industries plays an important role in the development of the industrial sector. Come up with an explanation to this question. Activity 1: The third category of commercial ventures are the large-scaleindustries. It produces homogenous products for the rest of the economylike cement, steel, fertilizers, and copper. A large plant with its complexproduction process requires huge capital to fiancé its constructions and theacquisition of machinery.Direction: Large-scale industries plays an important role in the developmentof the industrial sector. Come up with an explanation to this question. - in These require a large capital invest-ment and employ more workers com-pared to small- and medium-scale in-dustries. Large-scale industries pro-duce homogenous products for thecanploy- rest of the economy like cement, steel,l in-y isplants lo make production economi-fertilizers, and copper. The manufac-ture of these products requires largeries.luce cally feasible. The production processcom-involves the use of complex machin-pro-ery and equipment run by highlyvelyskilled technicians, engineers, ands ofmanagers. A large plant with its com-plex production process requires hugemesatedcapital to finance its construction andthe acquisition of machinery. Moneyto finance industries is usUally ex-areourtended by domestic banks. Foreignntialbanks are often asked for part of therod-capital requirements of a large indus-mes-try because domestic banks do notand have sufficient funds for the purpose.Large-scale industries are impor-triestant to the development of the indus-Tomtrial sector. Because of their size andrises complex production processes, theye in-nesemay have significant effects on othersectors of the economy. They can en-han hance the development of other indus-pinetries which provide raw materials forhore production. They can also contributedus-to the growth of other industries whichareuse their products as raw materials.For example, the steel industry caninesolds.have an important effect on the growthThe of the steel cabinet industry, the steelnt isbed and chair industry, and other in-nold dustries that use steel as a raw mate-rom rial to manufacture their final prod-ucts. Another contribution of largescale industries to society is their for-ionsor tomation and development of a highlyvari-mes- talented, skilled and educated laborforce needed to work with heavywell.rcial equipment and complicated produc-lion processes.ries.

Large scale industries help in the development of industries in the economy, which is essential for…

Answered: Large-scale industries plays an…

Large-scale industries plays an important role in the development of the industrial sector. Come up with an explanation to this question.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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