Flashcards on Economic Sectors and Their Interconnections
Economic Sectors and Their Interconnections Explained for Students
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Economic sectors and industry (manufacturing vs services)
12 cards
Card 1
Question: What is one reason given that supports maintaining manufacturing in advanced countries?
Answer: All the world’s major economies are major manufacturers of exported goods, so manufacturing obviously needs to continue (statement 3).
Card 2
Question: How can services depend on manufacturing?
Answer: Many service-sector jobs (accountants, lawyers, designers, marketers, advertisers, salespeople, bankers, engineers, IT specialists) are provided by or
Card 3
Question: What argument supports advanced countries focusing on services instead of competing on low-cost manufacturing?
Answer: Advanced countries have strengths in higher education, R&D, ICT, business consulting, etc., so they should concentrate on these rather than trying to
Card 4
Question: What point is made about tourism and urban cultural life in relation to services?
Answer: Millions of tourists and residents choose major cities for arts and entertainment (theatre, music, museums, sport), implying manufacturing and heavy i
Card 5
Question: What is one stated reason manufacturing may decline in advanced countries?
Answer: Manufacturing will inevitably decline and be replaced by services because labour costs are too high, leading companies to delocalize manufacturing to
Card 6
Question: What risk is associated with depending heavily on service industries, according to the statements?
Answer: Depending on services is dangerous because during crises (e.g., the 2008 financial crisis) cities lost not only financial jobs but many related servic
Card 7
Question: Which services are said to be vulnerable to outsourcing, and what is the consequence for advanced countries' industry strategy?
Answer: Call centres, accounting, and software writing can be outsourced to cheaper countries; therefore advanced countries should focus on high-quality manuf
Card 8
Question: Define 'exported goods' using vocabulary from the text.
Answer: Products sold to other countries.
Card 9
Question: What vocabulary word from the text means 'property: buildings such as offices, houses, flats or apartments'?
Answer: Real estate.
Card 10
Question: In the text, what term describes 'work done in return for money'?
Answer: Jobs (or work).