The manufacturing sector takes raw materials and converts them into finished products. The manufacturing sector is concerned with using raw materials from the primary sectors, such as iron and coke and the production of finished goods, such as cars. These manufactured goods can then be sold in the tertiary sector. The manufacturing sector is to …
The main sectors of the economy are: Primary sector – extraction of raw materials – mining, fishing and agriculture. Secondary / manufacturing sector – concerned with producing finished goods, e.g. Construction sector, manufacturing and utilities, e.g. electricity. Service / ‘tertiary’ sector – concerned with offering intangible goods and services to consumers. This includes retail, tourism, …
Definition – The service sector is comprised of firms offering ‘intangible goods’ such as entertainment, retail, insurance, tourism and banking. The service sector will make use of manufactured goods, but there is an additional component of offering a service to customers. In a developed economy like the UK, the service sector is the biggest component …
Human Capital is a measure of the skills, education, capacity and attributes of labour which influence their productive capacity and earning potential. According to the OECD, human capital is defined as: “the knowledge, skills, competencies and other attributes embodied in individuals or groups of individuals acquired during their life and used to produce goods, services …
London can be a great place to live, with a strong economy, a wealth of high-paying jobs, and a rich legacy of art, sport and culture. It’s become a melting pot of world cultures and is the top European city for tourist visits. Symbols of London are instantly recognisable. Yet, at the same time, its …
Around 2000, something remarkable happened to the Italian economy. It stopped growing and went into a 20 year long-decline. Even if you adjust for population, Italy’s performance was strikingly worse than its main competitors. If we look at productivity, Italy fell far behind. It has effectively lost two decades with real wages remaining virtually stagnant. …
In 1979, Mrs Thatcher was elected Prime Minister of the UK. At the time, the UK was experiencing double-digit inflation, trades unions were powerful and there were signs British industry was becoming increasingly uncompetitive. Mrs Thatcher introduced revolutionary economic policies which had a deep impact on the UK economy. They were characterised by a belief …
Trade Union density refers to the percentage of the workforce who belong to a trade union. Since the early 1980s, there has been a steady decline in the density of trade union membership in the UK workforce. The decline in trade union density – matching the decline in trade union membership.