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The Growth of the Service Industry - Case Study Example

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The paper 'The Growth of the Service Industry' presents the service industry which is the most rapidly growing sector in industrialized economies. It conceptualizes some of the major structures in our society, and it remains a significant role in Canada’s overall well being…
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The Growth of the Service Industry
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Download file to see previous pages The expansion of the service sector has unquestionably generated economic prosperity, but it has eminently contributed to social injustice and inequality. Consequently, I believe that while the growth of the service industry has great economic intuition, it is eventually socially detrimental and distancing society from achieving paradigms of social equilibrium.
Service, by definition, is the exchange of a commodity that has no tangible form; whereas industry is described as the people or organizations engaged in a particular type of enterprise. The service industry is then simply defined as an aggregation of commercial entities that provide services rather than physical objects. The non-material nature of services can be distinctively characterized by produced goods given as intangibility versus tangibility, non-transferability against transferability, non-storability versus storability, and direct interaction versus the absence of direct contact between consumers and producers.
The service industry can also be subdivided into more specific sectors. The service industry includes distributive services such as transportation and communication; business services; education, health, and welfare sector; public administration; retail services; and among others that require direct interaction. In addition, the service industry is classified as the tertiary sector of the labor market that can specifically break down into upper-tier and lower-tier jobs. The main difference between upper-tier and lower-tier jobs is the level of hiring requirements, in which the former requires more prestigious education attainment, greater experience, and similar social status to the employer. The concept of service industry outlined above illustrates a clear-cut definition of the tertiary labor market, but the distinction between the goods and service sector is becoming increasingly blurred. What is classified as a good and service is the reflection of the particular form that an economic transaction takes, such as maintenance of a firm counts as manufacturing cost if it is performed within the company, but it counts as service output when it is performed outside the company’s realms. ...Download file to see next pagesRead More
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