The concept of services economy

in #money6 years ago


The concept of services economy

The concept of services economy

Is known in English as the "service economy", one of the sectors of economics that relies on the idea of ​​providing public services to individuals, in exchange for specific financial returns that contribute to support the local economy. The service economy is also defined as the economic sector that is keen to support production within the sector The local economy of countries, especially developing ones, contributes to the transformation of products offered to services that support the basic needs of citizens and tourists in a country, and benefit from services provided to all, such as: tourism and travel services, Internet, and other services.


Characteristics of services economy

  • Is one of the easiest types of economy in terms of accounting classifications; it is easy to deal with its daily accounting entries in the financial statements.

  • Contributes to the transformation of many products offered in the commercial markets to useful services to the community.

  • Seeks to apply the method of government control of the services of products, and ensure compliance with legal specifications.

  • It develops remarkably with different types of rural and urban communities.

  • Depends on the integration with the industrial environment in the development of plans that determine the nature of the services that must be provided within this economic sector.

  • Provides support for product marketing by examining the quality of life in the community and selecting service products that provide appropriate services to individuals.


The impact of the services economy on the general economy

The economy of services is one of the most important economic sectors affecting the general economy, especially the GDP of the countries. Economic services provided to the population in most of the world constitute 50% of the total domestic economic output, especially in developing countries which depend on providing services as a means Which contributes to supporting its economy. The services economy is also one of the most important factors that contribute to supporting population growth. The higher the quality of services provided to the population, the higher the population growth and the continuous development of the commercial market.

Services economic services

  • Financial services: are public services that are provided on a permanent basis and include all financial transactions that depend on financial exchange, provision of loans, financial investments, cash savings and other services.

  • Tourism services: are economic services that provide support to the economic sector in full; it seeks to pay attention to places, tourist sites that attract tourists from around the world, and also interested in the role of domestic tourism in supporting economic development.

  • Health services: All services that provide health care and treatment to patients by relying on the role of health centers, and hospitals in providing appropriate treatment for individuals.

  • Educational services: It is one of the most widespread economic services, including the provision of educational institutions for students at different levels of study.

By Majd Khader

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Is blockchain part of the services economy or the manufacturing economy?🤔

Its really informative and great idea introduced @arrihan. The economic and service concept is best. Keep sharing

This post has received gratitude of 6.65 % from @appreciator thanks to: @arrihan.

Thank you good Post :)

The United Kingdom is one f the major service economy. new jobs are made under the term of "service economy"

This is truly a well detailed concept of Economics

This is very insightful. I've just learnt a couple of things there

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Services for a positive and productive world... education, research, art, philanthropy... down with the misanthropic destructive consumerist culture of the U.S. West /// Peace

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