Oil Pricing and the Service Industry

<p>Population decline and social issues (B)</p> Signup and view all the answers

<p>Mass production and mechanization (C)</p> Signup and view all the answers

<p>Lack of attention to domestic market needs (D)</p> Signup and view all the answers

<p>Rapid growth followed by significant decline (B)</p> Signup and view all the answers

<p>Widespread poverty and inequality (C)</p> Signup and view all the answers

<p>To minimize production costs by relocating work to another country. (A)</p> Signup and view all the answers

<p>63.6% (A)</p> Signup and view all the answers

<p>Each service experience can vary greatly. (C)</p> Signup and view all the answers

<p>It accelerated offshoring practices due to deregulation. (B)</p> Signup and view all the answers

<p>They manage finances in jurisdictions that favor tax benefits. (B)</p> Signup and view all the answers

<p>Greater variability in job roles and functions within this sector. (C)</p> Signup and view all the answers

<p>They are produced and consumed simultaneously. (D)</p> Signup and view all the answers

<p>United States (C)</p> Signup and view all the answers

<p>Steel manufacturing (A)</p> Signup and view all the answers

<p>Rapid job losses in steel and a shift to healthcare (D)</p> Signup and view all the answers

<p>Precarious employment and predominantly part-time roles (C)</p> Signup and view all the answers

<p>Many service jobs are very well paid, while others are poorly compensated (C)</p> Signup and view all the answers

<p>The growth of healthcare sector employment (B)</p> Signup and view all the answers

<p>1980 (C)</p> Signup and view all the answers

<p>Healthcare jobs are frequently held by women seeking income (A)</p> Signup and view all the answers

<p>1980s (C)</p> Signup and view all the answers

An increase in the importance of services (like education, healthcare, and trade) within an economy, often replacing manufacturing as the dominant sector.

A decline in a country's or region's manufacturing industries, including factories.

Technological advancements increase efficiency in farming and manufacturing, leading to job displacement and a shift in the economy.

A prominent example of deindustrialization in the United States, highlighting the decline of the auto industry and its impact on the city.

A period of major technological advancement and factory-based mass production that led to significant economic and social changes, often starting in Great Britain.

As cities grew, demand for services increased, driving the development and expansion of the service sector.

A gradual shift from a manufacturing-based economy towards a service-based economy.

The change in economic focus of the country/region from manufacturing to services over time; an example is deindustrialization paired with a rise in service industries.

Pittsburgh's economy shifted from a steel-based industry to a healthcare-based industry, experiencing significant job losses and population decline in the late 20th century, but later experiencing growth in related service sectors.

Pittsburgh's steel industry faced challenges, leading to job losses and factory closures, especially in the 1970s and 1980s due to recession and the oil crisis.

The healthcare industry grew rapidly, becoming the largest employer in Pittsburgh during the 1980s, filling the employment void left by the struggling steel industry.

In service-dominated economies, the distribution of wages tends to be lopsided - a 'U.'  High returns for some but low returns for many.

The shift from a major industry such as steel to a different industry like healthcare. This transition results in social effects.

Pittsburgh's population grew after a period of rapid decline by focusing on service sector industries such as healthcare, education, and finance.

Economies where service sector industries like healthcare, rather than manufacturing sector (like steel) become dominant.

Moving work or production to another country.

Managing finances in a favorable jurisdiction for tax or regulatory benefits.

A system of currency controls that ended in the 1970s.

The process of former colonies gaining independence.

Activities like transportation, haircuts, and restaurants.

Services cannot be stored or transported.

Services are produced and consumed at the same time.

Two services of the same type are never exactly the same.