Advantages and disadvantages of tertiary occupation
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Advandages of tertiary based economy
It can give faster and more flexible adjustment in times of economic crisis or downturns.
It minimizes environmental degradation from heavy industry
It allows for faster economic development than that which follows the traditional pattern
Reduce the material & energy consumption.
Enhancement of Knowledge.
More customer oriented product for their satisfaction.
Disadvantages of service based economy
More dependability on other country for goods.
Trade deficit is increased because of more import and less export of goods.
manufacturing jobs have been lost to outsourcing of products
More skilled employees & workers are required.
USA Economy is an example of service based economy because nearly 80-90 % of the GDP comes from the service sector.
The US is the largest and most technologically powerful economy in the world. Most of the US population is well educated and their spending power is better than other parts of the world. But, increasing trade deficit is slowing down the growth of U.S. economy as hundreds of billions of dollars are going to the rest of the world. Imported oil accounts for about 60% of US consumption. Long-term problems include inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade and budget deficits.
It can give faster and more flexible adjustment in times of economic crisis or downturns.
It minimizes environmental degradation from heavy industry
It allows for faster economic development than that which follows the traditional pattern
Reduce the material & energy consumption.
Enhancement of Knowledge.
More customer oriented product for their satisfaction.
Disadvantages of service based economy
More dependability on other country for goods.
Trade deficit is increased because of more import and less export of goods.
manufacturing jobs have been lost to outsourcing of products
More skilled employees & workers are required.
USA Economy is an example of service based economy because nearly 80-90 % of the GDP comes from the service sector.
The US is the largest and most technologically powerful economy in the world. Most of the US population is well educated and their spending power is better than other parts of the world. But, increasing trade deficit is slowing down the growth of U.S. economy as hundreds of billions of dollars are going to the rest of the world. Imported oil accounts for about 60% of US consumption. Long-term problems include inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade and budget deficits.
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Answer:
Advantages
- One of the primary benefits of the tertiary sector is that it has a much lower hedge to entry than starting a physical product-grounded business.
- They frequently don't have the force and don't need to worry about manufacturing products.
- It enables original marketing and bone
- doesn't have to contend with the retail assiduity's votes and pots.
- They can respond to changing client needs important faster than product-grounded businesses.
- In times of profitable extremity or downturn, it can give briskly and more flexible adaptation.
- It reduces environmental damage caused by heavy assiduity.
- It allows for more rapid-fire profitable development than the traditional pattern.
- It reduces the use of accoutrements and energy.
- It aids in knowledge advancement.
- The client-focused products insure their satisfaction.
Disadvantages
- reliance on other countries for goods.
- The trade deficiency has grown as a result of increased significance and dropped exports of goods.
- Product outsourcing has redounded in the loss of manufacturing jobs.
- Professed workers and workers are needed.
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