Assignment on Service Economy of UK

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Added on 2019-12-03

Assignment on Service Economy of UK

Added on 2019-12-03

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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Real Evaluation......................................................................................................................1Advantages of the service economy on nation.......................................................................1Disadvantages of service economy to the nation...................................................................3CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5

INTRODUCTIONService economy of UK comprises the transaction of the intangible goods between thesellers and the buyers. The dominant sector of UK's economy with the 78% share in GDP hasbeen contributing significantly to the in the growth and development. UK has been the hub ofknowledge intensive services and the growth and development opportunities. The leading globalplayers of services such as banking, finance and business are located in UK (Metcalfe and Miles,2012). Considerably contributing in the balance of payments with the similar ratio ofemployment, Businesses in service economy are involved in the activities such as education,health and social care; financial and business services; food services such as the hotels andrestaurants; defense and public administration; real estate and renting activities; Tourism andhospitality; transport; communication and the creative industries like advertisement companies.Real EvaluationUK's has dis-validated the general perception that the service economies are structurallydisadvantaged on the global competitive platform and steadily expanded the service share in theeconomic activities. Service sector in the economy builds the strong base for the other sectorssuch as manufacturing. The magnitude and quality of the service inputs in all the sectors resultsin the optimum industrial performance with high productivity and profitability. The movementsfrom the merchandise trades to the service trade has improved the competitive position of thecountry in the significant manner (Wilson and et.al, 2012). The service sector industry has thesignificant role in the enhancement of profitability in the balance of payments in different ways.This is the holding pillar of all the sectors providing efficient and quality service providingemployees and resourceful operational structure. The organizations operating in the serviceindustry act as a artery in the manufacturing industry providing the linkages.Advantages of the service economy on nationThe contribution of the service sector in the economy is assessed on these aspects:Employment: Employment in the service sector holds the similar ratio of the sector'ssharing in the GDP of the nation (Taylor and et.al, 2009). The sector provides the eligibleand capable employees to the manufacturing sector and also to the organization workingin the services' industry. Consolidation of customers: With the direct involvement of the employees with thecustomer, the larger number ODF customers from around the world get connected to the1

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Assignment on Service Economy of UK