The importance of manufacturing has to be realized and this fact has been argued by Smith and Grant (2003) by the countries in need of the developed economies. In the past the fact accepted was that among all the countries in the world, United Kingdom is the one industrialized…
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There are many reasons behind this phenomenon. Kapferer (2008) has argued that one of the main reasons added in this list is that United Kingdom had been counted among the agricultural sector but now the country’s agricultural sector has been replaced with the manufacturing one. This replacement took place during the end of the eighteenth century.
Since then economic growth seen in the United Kingdom has been because of the manufacturing sector rather than the agricultural one. Recently the manufacturing sector has been replaced by the service sectors. The effect of manufacturing as well as the service sector on the economy of United Kingdom has to be kept in mind. The replacement of the manufacturing sector with the service sector might be one of the main factors because of which the economy of United Kingdom has been affected. Here the main factor that affects the economy of United Kingdom is de industrialization.
The term de industrialization needs to be defined as it has been used very frequently. In the business world the de industrialization is rather a concept and by many researchers it is defined as a decline in the ratio of the workforce that work in the industrial sector of the particular country. Ingram and Hong (2007) have argued that the greater the work force in the country, greater is the economic boom and greater is the development. There are many measures that have been seen to affect industrialization. Some of the main factors that have been counted to analyze the de industrialization within the country is the number of the people that are employed in the manufacturing industry within a certain country. Moreover, some of the other main factors that have been added in this list is the manufacturing output in the form of the export and imports that are generated from this manufacturing industry.
As de industrialization has been the main change noticed in the country, the change in the
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(“Business Economics Essay Example | Topics and Well Written Essays - 2500 words - 4”, n.d.)
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(Business Economics Essay Example | Topics and Well Written Essays - 2500 Words - 4)
“Business Economics Essay Example | Topics and Well Written Essays - 2500 Words - 4”, n.d. https://studentshare.org/miscellaneous/1560442-business-economics.
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According to Koos and Granata 2008, unemployment is one of the world’s most difficult agenda as it seeks to deter economic growth of a specific country or state and the entire world. Of importance to note is that, countries with a high level of unemployment have the worst economic growth while those that have a low rate of unemployment experience better economic growth (Lange 1998).
“the measure of responsiveness in the quantity demanded for a commodity as a result of change in price of the same commodity” (Wikimedia Foundation, Inc.). It is computed as a percentage change in quantity demanded divided by percentage change in price (About.com).
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rate at which one financial institution can obtain surplus cash reserve from the other to fulfil the daily cash reserve requirements that the central bank requires. Demand forecasting is used in order to determine this rate and it is an effective tool of controlling monetary
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