Final Lectures on Management

The decline in the importance of manufacturing and heavy industry in an economy.

An economy where the service sector (e.g., education, healthcare, finance) is a major part of the economy.

The breakdown of a country's Gross Domestic Product (GDP) into different economic sectors (like agriculture, industry, and services).

The percentage of people employed in service-related jobs.

The total value of all goods and services produced in the world.

Half of the Canadian workforce worked in agriculture in 1867.

Employment shifted to the service sector in 1987.

Part of the economy involved in making tangible goods (like cars, computers).

Services are becoming increasingly important for economic development, particularly in trading goods and services.

The service sector is expanding due to technological advancements that make trading them easier.

Economies where services like education, health, or trade existed, but were typically a smaller part, compared to agriculture or raw materials.

The industrial revolution led to more new services needed to support industrial activities (e.g., banking, insurance, legal).

Services, even in pre-industrial times, tended to be located in cities.

New technologies like the internet, telephone, etc., have greatly increased the ease of trading services.

Societies transitioned from mainly agricultural economies to industrial ones, creating a demand for new services.

Major urban centers that play a dominant role in the global economy through concentrated activities like finance, trade, and information exchange.

Specialized services crucial to the global economy, such as law, accounting, and finance, which thrive in global cities due to their complex nature and need for expertise.

The importance of personal connections and meetings among executives, lawyers, and other professionals in global cities for decision-making and deal-making.

The concentration of highly specialized and skilled workers in global cities, supporting the needs of multinational corporations and the advanced services sector.

The increasing reliance of global cities on each other, rather than on their national economies, due to interconnectedness and the impact of globalization.

The part of the economy focusing on providing intangible services instead of producing physical goods. Examples include healthcare, education, tourism, and finance.

Materials grown or produced without using synthetic pesticides, fertilizers, or genetically modified organisms.

Energy sources that naturally replenish themselves, like solar, wind, or hydroelectricity.

Products or processes that avoid the use of plastic, aiming to reduce plastic pollution.

A system where resources are used and reused in a closed loop, minimizing waste and maximizing the lifespan of materials.

Choose businesses that prioritize environmentally friendly practices, sustainable products, and ethical sourcing.

Challenges that affect the entire planet, like climate change, poverty, or inequality.

Maintaining a hopeful outlook and belief in creating a better future, despite facing challenges.

Services, even without physical products, can harm the environment due to their production and consumption.

The tourism industry is a major polluter, damaging natural resources in the places it visits.

Over 14% of global greenhouse gas emissions come from transportation, a significant source of pollution.

Large cruise ships generate massive amounts of sewage and greywater, often dumped directly into the ocean.

Cruise ships burn hazardous waste like oil and sewage at sea, contributing to environmental damage.

The service sector needs to consider its environmental impact and find sustainable solutions.

The impact of services on the environment, like tourism and transportation, needs to be considered and reduced.

The cruise industry significantly pollutes the ocean with sewage, greywater, and burnt hazardous waste.

The service sector, also called the tertiary sector, includes activities that provide intangible goods, like transportation, haircuts, or hotel stays. It focuses on 'doing' rather than 'making'.

Goods that cannot be touched or physically held, like the services provided by a teacher, a doctor, or a hairdresser.

The total value of all services produced by a country or globally, including things like transportation, insurance, and restaurant visits.