Limitations of tertiary sectors Objectives of tertiary sectors
Answers
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:
More reliance on other countries for goods. The trade deficit has grown as a result of increased imports and decreased exports of goods. Product outsourcing has resulted in the loss of manufacturing jobs. More skilled workers and employees are required.