Flows of Services Flashcards

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1
Q

Services.

A

They are economic activities that are traded without the production of material goods eg financial or insurance services.

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2
Q

What are high level services?

A

Services by businesses such as finance, insurance and advertising.

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3
Q

What are low level services?

A

Services to consumers such as banking, travel and tourism and call centres.

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4
Q

What do services such as banking, insurance and advertising depend on?

A

Communication and transfers of information.
They can be footloose and can locate anywhere.
Advancing technology means they can serve customers word wide.

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5
Q

Where are high level services concentrated?

A

In cities in more developed countries.
London, New York and Tokyo.
These are major centres for industry and finance.

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6
Q

Why is Frankfurt important?

A

Its home to the European Central Bank of the EU, Toronto and Zurich.

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7
Q

Define conglomerates.

A

Collection of different companies or organisations which are involved in different businesses but all report to one parent company - transnational cooperations.

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8
Q

Give 2 examples of conglomerates.

A

HSBC - banking and finance.

TUI - travel and tourism.

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9
Q

Why do call centres for example move to developing countries.

A

UK –> India.

Labour costs 10-20% cheaper.

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