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What really is a service sector economy. I looked on wikipedia and it is saying financial services , retail, health , human services , information technology and education.
But does not every country need retail , health and education be it US ,Canada ,UK ,China ,India , Singapore and Thailand so on.I also cant see more than 10% of the population into retail , health and education.
What is human services.
I also cant see more than 10% people into financial services and information technology.Also is financial services different in US ,Canada ,UK than financial services different in China or Thailand.
I hear 90% of the jobs in the UK and France are financial services and likes of stock , investment and banking.
If so what such a demand for this now than not before in the past and why such a workforce shortage in that line of work.
Not sure the numbers but i the military it takes about ten people to support one perosn i the filed.I suspect that before and it takes more to actaully get a product to the fianl consumer alos and after the sale to service mnay products.
A business can provide a service or a product. A product is a physical object; a service is physical act. A complete economic system has both product and service sectors. However if you divide a complete economy into countries that make products inexpensively and those that make them expensively (because of higher labor costs and more regulations), then the product sector will move to countries with lower costs. This leaves the other expensive countries with a deficiency in the product sector and a relative increase in the service sector. Service sector jobs are often harder to export because it is harder to ship a service than a product.
A business can provide a service or a product. A product is a physical object; a service is physical act.
Precisely speaking, a service don't need to be physical act. Counselor advice is a service but it is not physical. Financial services are not physical too.
Well, as we can tell looking at Europe, service sector economy doesn't work so well. Britain, that has turned into service sector economy has experienced severe damage in the past few years of crisis while Germany (that has remained quite industrial compared to adjacent countries) was not hit at all.
The difference between a functional, normal economy and that of a banana republic.
Quote:
Originally Posted by Retroit
Service sector jobs are often harder to export because it is harder to ship a service than a product.
Depends what kind of service. There are doctors reading EKGs of Americans in India. All sorts of jobs can be done on computers these days. Much easier to send data than it is to ship goods. Both can be done, but one takes considerable more time and $$$.
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