Please enable JavaScript.
Coggle requires JavaScript to display documents.
Changing Economy of the United Kingdom (Definitions (New economy (Economy…
Changing Economy of the United Kingdom
Types of employment
Primary
Extraction of materials
Examples
Farming
Fishing
Mining
Secondary
Converting materials to products
Examples
Building
Manufacture
Food processing
Tertiary
Services
Examples
Retail
Education
Banking
Quaternary
Creative and knowledge based
Examples
IT
Bioscience
Media
Definitions
New economy
Economy based around services
Footloose
Not tied to one location
Knowledge economy
Economy based on knowledge and mental skill
Deindustrialisation
Reduction in secondary, growth in tertiary and quaternary
Diversifacation
Creating varied jobs and economic activities
Digital economy
An economy based on technology
Different economies
Low salary - New Economy
Examples
Dinnington
Rotherham
Tertiary sector
Outskirts of towns
Unskilled
Often part time
Higher wages for supervisors
Mostly female
High salary - Knowledge economy
Example
Canary wharf
Quaternary
Highly skilled
Degree needed
Mostly full time
Salaries depend on qualifications
Mostly male
North vs south
North-east
£26000 average household income
11% unemployment
Public sector jobs down 32000
Life expectancy
Male - 78
Female - 81.6
Companies
Virgin money
Go-ahead
South-east
£35200 average household income
6.3% unemployment
Public sector jobs up
Life expectancy
Male - 80.5
Female - 83.9
Companies
Oracle
Microsoft
Deindustrialisation - Glasgow
Economic impacts
Loss of tax income
More state benefits required
Social impacts
Job loss
Clearer roads
Environmental impacts
Ships produce pollution
Pollution source moves
Reduced local pollution
Future growth
The digital economy
Rapidly growing
Worth £100 billion in 2011
10% of GDP in 2014
What's next?
Home internet useage rise
Environmental management
Education
Telecommuting
Education and research
1995 - 2008, 20% - 40% attend university
35% of people in their 20s have degrees
Universities perform R&D
Need to expand higher education
Green employment
Improving air and water quality, recycling and improving the environment
Includes
Products made from renewables
More energy efficient buildings
Quaternary services supporting other sections
Changing work patterns
Telecomputing
Working from home using computers
Saves money and increases productivity
Advantages
Convenient
Simple
Powerful
Disadvantages
Expensive
Needs staff to maintain
Flexible working
Working in changing locations and times
Services like IT may not always be required
Advantages
Healthcare
Less stress
Don't need childcare
More disabled friendly
Disadvantages
Isolation
Hard to motivate
Always working
Less contact with management
Self-employment
Owning and running a company
Saves employers money and allows for easy outsourcing
Advantages
Set own hours
Variety
Flexable
Disadvantages
Risky
No healthcare
Paperwork