The changing structure of the UK economy
KU ID: K1527929
Date: 18th December 2015
Word Count: 945
The occurrence of a long-term change within the fundamentals of an economy is referred to as structural change, and is linked to development and growth. An example of this would be the transformation of a subsistence economy to a manufacturing economy. Structural change is expected to occur over time; therefore making it unavoidable, (Griffiths and Wall, 2012.) The reason for this assumption is due to the consistent variation of income, and or personal preferences, thus affecting the pattern of demand within an economy. The pattern of demand can also be affected by other factors such as the change in age structure, technological advances, etc. Recent research concluded that there are 0.8 million fewer people in the range of 16-24 year olds in 2010 than there was in 1981 in the United Kingdom. This would lead to an indirect negative impact on the growth of the “entertainment, recreation and education” sector of the UK economy unless it is able to adapt to the new demographic changes. A further example of this would be the drop in the demand for housing as it would have been otherwise in 1981. In contrast, the dependency on the medical and health care sector of UK will increase as the age group of people over 75 rises in number. (Griffiths and Wall, 2012.)
To follow the broad examples given above, note that UK has changed from a significantly strong manufacturing nation to what is known as a post-industrial economy, making its service sector a significant factor of its economy. The economy has transformed in such a way that the UK manufactures only contribute 20% of the total Q (contribution to GDP) over the p...
... middle of paper ...
...by two and a half million by October 2013 since the worldwide financial crisis of 2008. It is evident that UK’s economic future relies on the tertiary and quaternary sectors as the progression continues to benefit the southeast and urban areas in the UK. This also leads to the understanding that much of the activities in the primary sector will be exposed to local market forces, as well as the target for international competition.
1. Griffiths, Alan, and Stuart Wall. Applied Economics. 12th ed. London: Longman, 2012. Print.
2. Lam, Patrick. "Changes In The UK Economics Structure". PhD. N.p., 2014. Print.
3. Timetric.com,. "Providing Information Solutions To Drive Business Value And Manage Business Risk | Timetric.Com". N.p., 2015. Web. 14 Dec. 2015.
4. Bbc.co.uk,. "BBC - GCSE Bitesize: Changing Employment Structures Over Time". N.p., 2015. Web. 17 Dec. 2015.
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