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28 December, 08:21

Since World War II, the percentage of American jobs in the service sector

has grown steadily. What are the benefits and drawbacks of a service-based

economy?

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Answers (1)
  1. 28 December, 09:45
    0
    Benefits of a service-based economy:

    Promotes the development of a high-skilled population: many jobs in the service sector require very high intellectual skills, for example, computer programming.

    The economy is more flexible and adaptable: it has been shown that in a service-based economy, the economy is more flexible and can more easily adapt to economic changes than industry or agriculture based economies.

    Promotes the conservation of natural resources: a service-based economy may use less natural resources like oil, natural gas, or coal, than an industrial economy.

    Drawbacks of a service-based economy:

    High trade deficits: a service-based economy usually requieres a high amount of imported goods that are not produced domestically. This increases the trade deficit.

    Low-skilled workers may become permanently unemployed: this is because service-based economies tend to favor high skilled workers, while low skilled workers may become affected for long periods of time due to the losses of industrial and agricultural jobs.
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