Changing Economic World - Changing UK Economy Real Exam verified 100%

Changing Economic World - Changing UK Economy Real Exam verified 100% What is the main specification point for 'Changing UK economy'? - correct answer-Major changes in the economy of the UK have affected, and will continue to affect, employment patterns and regional growth. Economic Change in the UK At the height of the industrial revolution in the mid-nineteenth century, the UK' economy was dominated by manufacturing, including shipbuilding and iron and steel. During the twentieth century, the UK's industrial structure changed: The primary sector (agriculture, mining and fisheries) declined, mainly due to the increased use of machinery Since the 1960s, the manufacturing's sector declined dramatically, also due to increased mechanisation and competition from abroad. Along with manufacturing, the service sector increased dramatically, due to the expansion in public services and the growth of financial services. Since the 1980s, the new knowledge-based (research and development) sector has become more important. In 2015 - 78% of the workforce was employed in the service sector, with just 10% employed in manufacturing. There are 3 main causes of economic change in the UK: deindustrialisation, globalisation and government policies (causes of economic change: de-industrialisation and decline of traditional industrial base, globalisation and government policies) What are the causes of economic change in the UK : de-industrialisation and decline of grdaitioanl industrial base? - correct answer-Deindustrialisation is the decline traditional industries such as manufacturing. This has happened/caused because: machines and technology have replaced many people other countries (e.g. China) can produce cheaper goods because labour is less expensive. what are the causes of economic change in the UK: globalisation? - correct answer-Globalisation is the growth and spread of ideas around the world. Many people now work on global brands in the quarternary sector e.g. in IT Increased world trade and cheaper imported products have contributed to the decline in UK manufacturing. What are the causes of economic change in the UK: and government policies? - correct answer- - The government created state-run industries such as British Rail. Government money 'propped up' unprofitable industries. - State-run industries sold to private shareholders. This is called privatisation. Many older industries closed down. new private companies brought innovation and change. 2010 Onwards - 'Rebalancing' the economy by relying less on service industries. Policies have included: Improvements to transport e.g. HS2 More investment in manufacturing Encouraging global firms to locate in UK What is globalisation? (More detail - causes of economic change: globalisation.) - correct answer-Globalisation has resulted from improvements in companies and technology, together with the development of trading groups such as the European Union. The global economic landscape has been transformed by teh growth of Transntaional Corporations (TNCs) and the rapid economic growth experienced in Asia. The UK's place within this landscape has also changed to focus particularly on teh service sector (e.g. finance, media, education) and the rapidly developing quarternary sector (e.g. research) What is deindustrialisation? (causes of economic change: de-industrialisation and decline of traditional industrial base) - correct answer-Deindustrialisation is one of the most significant economic processes to have taken place in the UK. It has involved the deline in the UK's traditional heavy industries. These industries were often based close to the raw materials (such as coal to manufacture iron and steel for shipbuilding), for example in South Wales, Yorkshire, north-east Engalnd and Clydeside. These regions depended heavily on manufacturing. The decline e of manufacturing and closure of coal mines from about the 1970s left a legacy of unemployment, low incomes and environmental dereliction in these regions. How have government policies addressed economic change? (causes of economic change: government policies) - correct answer-The government has animpronat rolling shaping the UK's economy and responding to global trends. Since WW2 there have been three distinctive trends in government policy: