Deindustrialization and Service Economy Overview

<p>Service sector increased, goods-producing sector decreased (A)</p> Signup and view all the answers

<p>Manufacturing sector (C)</p> Signup and view all the answers

<p>50% (D)</p> Signup and view all the answers

<p>Measuring service inputs is complex (A)</p> Signup and view all the answers

<p>Manufactured products (B)</p> Signup and view all the answers

<p>Income is either very high or very low with little in between. (A)</p> Signup and view all the answers

<p>Advanced services like law, accounting, and finance. (C)</p> Signup and view all the answers

<p>It resulted in a significant increase in face-to-face interactions. (C)</p> Signup and view all the answers

<p>They began to look towards each other more than their own national economies. (B)</p> Signup and view all the answers

<p>A mix of high-wage experts and low-wage service workers. (A)</p> Signup and view all the answers

<p>Shift from agriculture to industrialization (C)</p> Signup and view all the answers

<p>Rapid growth of the health care sector (B)</p> Signup and view all the answers

<p>Internet and telecommunication (C)</p> Signup and view all the answers

<p>Rapid depopulation (A)</p> Signup and view all the answers

<p>Health care jobs tended to be precarious and poorly paid (C)</p> Signup and view all the answers

<p>Pittsburgh (D)</p> Signup and view all the answers

<p>Older population left behind, creating a sicker demographic (A)</p> Signup and view all the answers

<p>Deindustrialization (B)</p> Signup and view all the answers

<p>Freed up labor from manufacturing and farming (A)</p> Signup and view all the answers

<p>Pittsburgh: Steel to health care (B)</p> Signup and view all the answers

<p>U-shaped returns rather than bell curves (B)</p> Signup and view all the answers

<p>Health care (C)</p> Signup and view all the answers

<p>Andrew Carnegie (C)</p> Signup and view all the answers

<p>Increased poverty and inequality (B)</p> Signup and view all the answers

<p>Telegraph (B)</p> Signup and view all the answers

The decline of manufacturing and heavy industry in an economy.

An economy focused on providing services rather than producing goods.

The breakdown of a country's overall economic output (GDP) into different sectors (e.g., agriculture, industry, services).

The increasing importance of the service sector in global economies (a trend over time).

The service sector accounts for over two-thirds of the global GDP.

The service sector accounts for half of all employment worldwide.

Historically, developed countries relied heavily on manufacturing output.

The service sector is increasingly important for developing countries.

In the 1980s, cities like New York, London, and Tokyo emerged as 'global cities' due to the rapid growth of advanced service sectors.

These services, like law, accounting, and finance, were the fastest-growing sectors in global cities during the 1980s.

Globalization, facilitated by improved communication technologies, led to a more complex global economy, where decisions about investment and trade were increasingly concentrated in global cities.

Despite easier communication, face-to-face interactions remained crucial in global cities, as executives, lawyers, and consultants needed to collaborate in person.

Global cities like New York and London became more interconnected with each other than with their own national economies, due to the influence of the global market.

The increasing importance of services like healthcare, education, and finance in an economy.

Example of deindustrialization, showing how reliance on car manufacturing led to population loss.

Example of deindustrialization (steel) and subsequent growth in the service sector (Healthcare).

Large cities that function as centers of trade and commerce.

Trading in the 19th century was slow, mirroring communication speeds.

The change from reliance on agriculture and raw materials to manufacturing.

New technologies like the telegraph, telephone, and internet increased trade efficiency.

Effects of the decline of industries on labor markets and social structures.

A sector of the economy focused on caregiving services.

Economic growth in a service-oriented economy might not follow a typical pattern, often u-shaped.

A period of major technological and societal change driven by new manufacturing methods.

Replacement of manual labor with machines.

Manufacturing goods in large quantities using standardized processes.