The UK's Post-Industrial Economy Flashcards
What is a post-industrial economy?
A post-industrial economy is an economy where manufacturing declines and is replaced by services and technology-based industries.
Why has the UK become a post-industrial economy?
The UK’s economy has shifted due to deindustrialisation, globalisation, and advances in technology, leading to growth in services and high-tech industries.
What percentage of UK jobs are in the service sector?
Over 80% of UK jobs are now in the service sector, including retail, finance, healthcare, and education.
What is the quaternary sector?
The quaternary sector involves research, development, IT, and knowledge-based industries, contributing to economic growth.
What percentage of UK workers are in the quaternary sector?
Around 10-15% of the UK workforce is employed in the quaternary sector.
What role does the IT industry play in the UK economy?
The IT industry contributes billions to the economy, with over 1.3 million people employed in IT.
How has IT changed working patterns in the UK?
IT has enabled remote working, self-employment, and e-commerce, making businesses more flexible and efficient.
How much did digital tech businesses grow in the UK between 2016 and 2017?
Digital tech companies saw a 4.5% increase in turnover, compared to a 1.7% GDP growth rate in the same period.
What is a science park?
A science park is a purpose-built area, usually near a university, where high-tech industries and research businesses are located.
Why are science parks important?
They encourage innovation, provide high-skilled jobs, and attract investment by connecting businesses with university research.
What are some examples of science parks in the UK?
Cambridge Science Park, Oxford Science Park, and Southampton Science Park are key innovation hubs.
What is a business park?
A business park is an area with offices, warehouses, and businesses, often located near motorways or on city outskirts.
Why are business parks often built on the edge of cities?
They offer cheaper land, good transport links, less congestion, and room for expansion.
How many people are employed in UK science parks?
Over 75,000 people work in science parks across the UK.
What is the role of research and development (R&D) in the UK economy?
R&D is a growing sector that supports innovation in biotechnology, computing, and engineering, contributing over £3 billion to the economy.
How does the UK government support high-tech industries?
The government funds research, invests in infrastructure, and offers tax incentives for companies in technology and science sectors.
What is an example of a high-tech UK company?
ARM Holdings, based in Cambridge, designs microchips used in most smartphones worldwide.
How has London benefited from global finance?
London is a global financial hub, attracting investment and employing over 2 million people in banking, insurance, and fintech.
What environmental impact does the UK’s post-industrial economy have?
While it reduces reliance on polluting heavy industries, new industries still contribute to carbon emissions, energy use, and electronic waste.
How is the UK making its post-industrial economy more sustainable?
The UK is investing in renewable energy, green technologies, and reducing waste, with industries adopting eco-friendly practices.
