Characteristics of 4 Sectors of Economy

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  • Topic: Industry, Economy, Tertiary sector of the economy
  • Pages : 2 (617 words )
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  • Published : November 15, 2010
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ofIdentify and explain the characteristics of the 4 sectors of the economy. And find evidence of changes in the industrial sectors in the UK in the last 5 - 15 years.

The United Kingdom's economy is made up in descending order of size of the economies of England, Scotland, Wales and Northern Ireland. The UK has a partially regulated free market economy, somewhere between the US and continental Europe. Based on market exchange rates, the UK is today the sixth largest economy in the world and the third largest in Europe after Germany and France, after having fallen behind France in 2008 for the first time in over a decade. The primary sector of the economy involves changing natural resources into primary products. Most products from this sector are considered raw materials for other industries. Major businesses in this sector include agriculture, agribusiness, fishing, forestry and all mining and quarrying industries. The secondary sector, whose goods are sold in consumer, capital and industrial markets, forms a significant part of many developed economies (such as the USA, Germany and France). The tertiary sector involves Companies that work in commerce, insurance, finance and business services, transport, communications and storage, public administration and defence, and professional services. That portion of a region's economy devoted to informational and idea-generating activities (eg, basic research, universities and colleges, and news media). Services and growth

In the last thirty years, there has been a pronounced trend of sectoral shift in the UK economy. Manufacturing or secondary industry has declined in parallel to the growth of the tertiary or service sector. There are a number of separate elements of the service sector, not all of which have experienced growth following deindustrialisation. Public transport declined as a result of long-term underinvestment during the 1960s, 70s and 80s. Public services slowed and declined after the 1970s...
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