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Implication of the growth of services sectors - Essay Example

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In any modern economy, the three primary elements which combine to make the overall structure of the primary economic system are the agricultural sector, the industrial sector and the services sector. The services sector is the one which most countries seek to develop since it…
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Download file to see previous pages rvices based economy revolves around provision of services like transportation, distribution or transfer of goods and money from one point to another. In more concrete terms, the services sector includes things like the provision of insurance, banking, retail operation, information access and entertainment or leisure services.
The services sector is strongly linked to the other two sectors, for example, the provision of public utilities like water and electricity is often considered a part of the services sector while the installation, creation and development of means to provide those services come from the industrial economy. Moreover, an industrial economy can only be developed if there is a food surplus in the agricultural sector of the same country. This is the reason that the normal economic progression of a nation might go from a complete dependence on agriculture, to a boost in industry and finally towards a service based economic system.
Historically speaking, the UK holds the position of being the first country to develop and exist as a services based economic system (Wikipedia, 2006). While it took the British Empire a few centuries to develop a services economy (helped in no small part by the colonies), modern economies are developing a services sector much faster than England. India for instance, is moving towards a services based economy at a rapid pace while the industrialisation of India is slower than the growth of the services sector (Economist, 2006).
However, the UK is much more interested in the services sector since more than 70% of the British economy is based in services which means any dip in the economic indicators there will have a drastic effect on the overall economic conditions of the country (Economist, 2005). Similarly, the growth potential of the economy in the services zone is stunted because marginal growth would not only be difficult, it would also mean that government resources are being utilised inefficiently if the same ...Download file to see next pagesRead More
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