Service based economy in the U.S. :: essays research papers

Now that the United States has changed from an industrial based economy to a more service oriented economy, it means that our economic revenues are like a shot primarily comprised by the prevalence of intangible assets, provided by services and engine room for example, and slight by tangible assets by means of physical diligence in factories and other manufacturing industries. Because of this change, industrial production and output have been experiencing a major falloff as jobs in factories, farms, and mines that were once plentiful, are world eliminated, while jobs in the growing services sector, such as in technologies, telecommunications, and entertainment are experiencing a massive growth.We say that we are intention toward a more global economy because of the fact that competition in todays markets is global. This means that corporations in the United States can vie in foreign markets and vice versa, therefore U.S. corporations and foreign corporations become mutualist and thrive off each other. This can have a entire impact on the United States because it allows U.S. corporations to seek materials and labor outside of the U.S. in countries such as China, India, and Mexico, where workers are paid a lot less money than U.S. workers, thus allowing them to sell their products for significantly cheaper than if they were produced in the U.S. however, the tradeoff is that many another(prenominal) American workers in the industrial sector lose jobs due to this transmutation of labor to overseas. In the long run this will be well(p) for the U.S. and although some percentage of workers are losing work, new jobs in the services sector, in fields such as computer technology, telecommunications, and language skills are possibility up and experiencing growth because of this change.