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Service economy can refer to one or both of two recent economic developments: The increased importance of the service sector in industrialized economies. The current list of Fortune 500 companies contains more service companies and fewer manufacturers than in previous decades. The relative importance of service in a product offering.
Service (economics) A restaurant waiter is an example of a service-related occupation. A service is an act or use for which a consumer, firm, or government is willing to pay. [1] Examples include work done by barbers, doctors, lawyers, mechanics, banks, insurance companies, and so on. Public services are those that society (nation state, fiscal ...
The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model (also known as the economic cycle). The others are the primary sector ( raw materials) and the secondary sector ( manufacturing ). The tertiary sector consists of the provision of services instead of ...
Post-industrial society. Clark's sector model for US economy 1850–2009. [1] The graph illustrates the predominance of primary, secondary and tertiary industries (as a share of all jobs) over time, as a society develops. In sociology, the post-industrial society is the stage of society's development when the service sector generates more ...
The New Economy refers to the ongoing development of the American economic system. It evolved from the notions of the classical economy via the transition from a manufacturing-based economy to a service-based economy, and has been driven by new technology and innovations. This popular use of the term emerged during the dot-com bubble of the ...
Business and economics portal. v. t. e. A post-industrial economy is a period of growth within an industrialized economy or nation in which the relative importance of manufacturing reduces and that of services, information, and research grows. [1]
Economics. An experience economy is the sale of memorable experiences to customers. The term was first used in a 1998 article by B. Joseph Pine II and James H. Gilmore describing the next economy following the agrarian economy, the industrial economy, and the most recent service economy.
The new economic geographies consist of primarily service-based sectors of the economy that use innovative technology, such as industries where people rely on computers and the internet. Within these is a switch from manufacturing-based economies to the digital economy. In these sectors, competition makes technological changes robust.