A-Levels Business (9609) Chap: 2.1.2 (D-E) Changes in relative importance of economic sectors

Описание: Chapter: 2 Business structure
Unit: 2.1 Economic sectors
Topic: 2.1.2 Changes in relative importance of economic sectors
Part: 2.1.2 D - Consequences of deindustrialization
Part: 2.1.2 E - The importance of sectors varies between economies

The passage explores deindustrialization, the decline of manufacturing in developed economies as they shift towards service and knowledge-based sectors.

**Definition**: Deindustrialization involves the decline of the secondary sector, often due to globalization, technological advancements, rising consumer demand for services, and competition from developing economies.

**Positive Impacts**:
1. **Growth of the Service Sector**: As manufacturing declines, sectors like banking and healthcare expand, often offering higher wages and better working conditions.
2. **Focus on Innovation**: The shift encourages investment in technology and innovation, leading to high-value industries, exemplified by Silicon Valley in the U.S.

**Negative Impacts**:
1. **Job Losses**: Regions dependent on manufacturing face significant job losses and economic decline, as seen in cities like Detroit.
2. **Social Decline**: Deindustrialization can lead to urban decay and reduced access to essential services.
3. **Skill Gaps**: Former manufacturing workers may lack the skills for new jobs, necessitating retraining programs.

Overall, while deindustrialization presents challenges, careful planning can help mitigate its negative effects.


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