Service Industry vs Manufacturing Industry in the Uk
INTRODUCTION
The market in which organisations find themselves is continually changing. On the other hand, trade and investments are growing rapidly and overtaking the world output and there is increasing integration of the world economy. Multilateralism is constantly threatening and regionalism is stronger in Europe, Asia and America than ever before.
This continuous structural change in world economies indicates the variations in the relative size of each sector which can be seen in terms of changes in output, employment and productivity.
ECONOMY STRUCTURES
Economies can be divided into three categories: Primary, Secondary and Tertiary. The primary economy includes all activities related to the extraction of natural resources e.g. mining, farming etc. The secondary economy includes activities related to the production of goods and processing of materials which have manufacturing as its major component. It also includes the construction sector and utilities sector. The tertiary sector includes both the private and public services such financial industry, health, defence and other services related sectors. http://tutor2u.net/business/gcse/external_environment_economic_sectors.htm accessed on 31st November 2009.
MANUFACTURING INDUSTRY IN BRITAIN
Industry is defined as a group of firms producing similar products with boundary of an industry determined by a gap in the chain of substitutes. All sectors of the economy can be referred to as an industry but emphasis lay with the secondary sector which is widely regarded as the manufacturing sector. Roger Cox (2009)
Concerns have been raised over the competitiveness and continued decline of Britain’s manufacturing base. This de-industrialisation has continually raised questions whether it can seriously damage the country’s wealth. The concerns about manufacturing have been reflected in trends in various statistical indicators especially the shift away from manufacturing towards services, the productivity gap
The market in which organisations find themselves is continually changing. On the other hand, trade and investments are growing rapidly and overtaking the world output and there is increasing integration of the world economy. Multilateralism is constantly threatening and regionalism is stronger in Europe, Asia and America than ever before.
This continuous structural change in world economies indicates the variations in the relative size of each sector which can be seen in terms of changes in output, employment and productivity.
ECONOMY STRUCTURES
Economies can be divided into three categories: Primary, Secondary and Tertiary. The primary economy includes all activities related to the extraction of natural resources e.g. mining, farming etc. The secondary economy includes activities related to the production of goods and processing of materials which have manufacturing as its major component. It also includes the construction sector and utilities sector. The tertiary sector includes both the private and public services such financial industry, health, defence and other services related sectors. http://tutor2u.net/business/gcse/external_environment_economic_sectors.htm accessed on 31st November 2009.
MANUFACTURING INDUSTRY IN BRITAIN
Industry is defined as a group of firms producing similar products with boundary of an industry determined by a gap in the chain of substitutes. All sectors of the economy can be referred to as an industry but emphasis lay with the secondary sector which is widely regarded as the manufacturing sector. Roger Cox (2009)
Concerns have been raised over the competitiveness and continued decline of Britain’s manufacturing base. This de-industrialisation has continually raised questions whether it can seriously damage the country’s wealth. The concerns about manufacturing have been reflected in trends in various statistical indicators especially the shift away from manufacturing towards services, the productivity gap
Bibliography: Curwen P et al. Understanding the UK economy. 1997. Macmillian publishers, 4th edition. Pp 447-450 John Sloman and Mark Sutcliffe, Economics for Business, 2004, Prentice Hall, 3rd edition, pp 347-348 Malcolm Sawyer Mark Cook and Corri Farquaharson, Business Economics, 1998, Prentice Hall, 1st edition, pp 12-27 Roger Cox, Lectures notes, Greenwich School of Management, 2009 http://tutor2u.net/business/gcse/external_environment_economic_sectors.htm accessed on 31st November 2009. http://www.investmentmarkets.co.uk/20080305-1705.html accessed on 23rd of November, 2009.