The service sector is concerned with the intangible aspect of offering services to consumers and business. Financial services – Insurance, investment.More on: manufacturing sector Service / tertiary sector The higher labour productivity also enabled higher wages and more income to spend on goods and services. Benefiting from economies of scale, they were able to reduce the cost of production and increase labour productivity. However, the development of improved technology, such as spinning machines, enabled the growth of larger factories. Initially, the manufacturing industry was based on labour-intensive ‘cottage industry’ e.g. This was a successful mill for producing ‘alpaca wool’ This wool can then be threaded and knitted to produce a jumper that can be worn. For example, raw sheep wool can be spun to form a ball of better quality wool. The manufacturing industry takes raw materials and combines them to produce a higher value added finished product. Utilities – providing goods like electricity, gas and telephones to households. Construction – building homes, factories.Manufacturing – e.,g producing cars from aluminium.The secondary sector makes and distributes finished goods. However, improved technology and the growth of other energy sources has seen a dramatic decline in this primary sector industry. In the 1920s, over one million people were employed in the UK coal industry. In developing economies, the primary sectors tends to take a big share with many employed in agriculture and mining.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |