The Service Economy and its Social and Economic Impacts Flashcards
In 2018, what % of UK workers were in the service sector?
83%
In 2018, what % of female UK workers were in the service sector?
92%
In 2018, what % of male UK workers were in the service sector?
71%
What is the increase in GDP that comes from the service sector from 1970 to now?
Was 55%, now 79%.
What is the name of the economy we currently have?
tertiarist economy
What was the cause of the initial growth in the tertiary sector?
Industrialists needed to finance growth, buy raw materials and market produce. It also grew as workers needed banks, insurance, lawyers and wanted recreational opportunities.
What constitutes a tertiary firm?
Firms selling knowledge, predominantly finance, law and marketing.
How did rising affluence impact the growth of the tertiary sector?
People want to invest, insure property and possessions, purchase goods and have leisure time.
More disposable income as a result of higher wages and a mortgage-free, ageing population led to growth of leisure.
How did technological change affect the growth of the tertiary sector?
It enhanced CBDs through skyscrapers allowing more compact working space, and public transport helped with proximity issues. Communications developments enabled communication over longer distances - MS Teams.
Rail travel and mandatory holidays gave rise to seaside resorts, air travel and overseas package holidays.
What % of all highly skilled jobs are in city centres, and how much more productive are they than non-urban areas?
72%, and are 21% more productive.
How many jobs in city centres do graduates take every year?
Half
Which specific industry account for 52% of all city centre employment?
Financial services
What is agglomeration?
The ability to benefit from proximity - sharing workforce, ideas and information. Knowledge spillover.
What are the accessibility benefits of being in a city centre?
Allows for better shopping locations for lower-income groups and more choice.
Out-of-town employment and shopping has less public transport and so can be inaccessible to lower income groups.
Which 3 cities attracted the most graduates in 2018?
Cambridge - 36%
London - 32%
Oxford - 31%