What is extensive and intensive economic growth?

Extensive growth, in economics, is growth in the quantity of output produced based on the expansion of the quantity of inputs used. It contrasts with intensive growth, which arises from inputs being used more productively.

What is the difference between extensive and intensive economic growth?

Extensive economic growth comes from the expansion of ordinary inputs of labor, reproducible capital(i.e., machines and livestock) and natural resources. Intensive growth, by contrast, involves increased effectiveness, quality, or efficiency of these inputs— usually measured as a growth of total factor productivity.

What is extensive growth strategy?

Extensive growth refers to a growth strategy based on the expansion of inputs. As such, capital accumulation and growth of the labor force raise the growth rate of aggregate output. Yet, due to diminishing returns these growth effects are without a lasting effect on per0capita income.

What do you mean by intensive economic growth?

ECONOMIC GROWTH, INTENSIVE. “Increases in aggregate economic activity, or growth, may be generated by adding more labor and capital or by improving skills and technology. Development economists call the latter “intensive growth” because labor and capital work harder.

How does extensive growth happen?

Extensive growth is growth due to an increase in resource inputs. Resources consist of land, labor, and capital. Land expands when new oil fields, fertile land, and so on are discovered.

What is extensive industry?

Extensive Industry means an industry set up with the permission of the Government and in extensive employing more than 100 workers and may use any kind of captive power of fuel provided they do not have any obnoxious features; Sample 1.

What is intensive development?

“Extensive” basically means large-scale, expansive, substantial, comprehensive, or thorough. “Intensive” basically means a lot of work has been put in over a short period of time or lots of work has been concentrated on one specific task.

What is intensive land use?

Intensive agriculture, in agricultural economics, system of cultivation using large amounts of labour and capital relative to land area.