service economy
Jobs over goods
A service economy is one dominated by service industries rather than manufacturing or agriculture.
Instead of producing physical goods, workers provide services: healthcare, finance, education, hospitality, technology support.
Most developed nations have shifted toward service economies as manufacturing moves elsewhere or becomes automated.
The U.S. transitioned from an industrial to a service economy in the late twentieth century.
Generous treatment of guests
- retailSales to end users
- healthcareOrganized provision of treatment
- financeProvide money for
- insuranceContractual risk coverage
education · tourism · transportation · banking · accounting · consulting · marketing · real estate
Tech-driven monetary services
- e-commerceInternet-based buying and selling
- SaaSRemotely hosted software access
- cloud computingInternet-delivered digital infrastructure
- subscription modelRecurring payment arrangement
online marketplace · automation · artificial intelligence · digital transformation
Moving work overseas
- BPOContracting work externally
- contractingReducing in volume
- subcontractingHiring others for portions
- call centerTelephone support facility
Managing feelings for job demands
- shift workLabor in timed blocks
- baristaProfessional café drink maker
- retail associateStore sales employee
- care workerPerson aiding the vulnerable
hospitality
Generous treatment of guests
- retailSales to end users
- healthcareOrganized provision of treatment
- financeProvide money for
insurance · education · tourism · transportation · banking · accounting · consulting · marketing · real estate · information technology
fintech
Tech-driven monetary services
- e-commerceInternet-based buying and selling
- SaaSRemotely hosted software access
- cloud computingInternet-delivered digital infrastructure
subscription model · online marketplace · automation · artificial intelligence · digital transformation
offshoring
Moving work overseas
- BPOContracting work externally
- contractingReducing in volume
- subcontractingHiring others for portions
emotional labor
Managing feelings for job demands
- shift workLabor in timed blocks
- baristaProfessional café drink maker
- retail associateStore sales employee
care worker · minimum wage · part-time employment · pink collar
- economic regionseconomic zones, industrial zones, trade zones, rust belt, corn belt
- economiesprivate sector, public sector, developing nation, emerging market, pre-industrial
- post-industrialdeindustrialization, information age, knowledge workers, manufacturing decline, economic transition
- migrationmigration, immigrants, refugees, immigration, emigration
- British EconomyBank of England, pound sterling, sterling, GDP, budget deficit
- industrial declinedeindustrialization, factory closures, factory closure, plant shutdowns, plant shutdown
service economyindustrial economy
Production-centered economic system
agricultural economy · agrarian economy · subsistence economy · developing economy · feudal economy
service, economy, servant, server, services, servitude, servicing, serviced, servers