Changes in Economic Structures

Changes in economic Structures Introduction Show knowledge of primary, secondary, tertiary Changes in primary Develop at least two points about why the primary sector has decreased in developed countries Explain advantages and disadvantages Change in secondary Develop at least two points about why the secondary has decreased in developed countries Explain Advantage/disadvantages Changes in Tertiary Develop two points about why the tertiary sector has increased Explain advantages/disadvantages (what’s good and bad about it) ConclusionWhat’s going to happen in the long term? What do you think the impacts of this have been overall? Changes in economic Structures Within the business industry there are 3 main sectors in which firms operate to, which is the primary secondary and tertiary sectors. Each of these sectors forms a chain of production which provides consumers with products and services. In the primary sector firms are involved in extracting raw materials from earth ’s natural resources.This includes fishes being fished out of the ocean, rubbers being tapped from trees, and oil being drilled from the ground etc. Whilst as the secondary sector manufactures and assembles the raw materials collected from the primary sector to make a complete product. Examples are refining crude oil to turn into useful products such as gasoline, cooking uncooked food to serve in restaurants and turning copped wood into finished products such as chairs and tables etc.Finally in the tertiary sector firms focus on selling the refined and manufactured products/services to customers, for example selling finished chairs in a furniture shop, refilling gas tanks in a petrol station, selling diamonds to soon to be engaged couples etc. Over the past centuries we have seen many changes in the business industry including the decline of employment rate in the primary and secondary sector, and the employment boom in the tertiary sector.In the 1700’s 75% of the worl d’s population was working in the primary sector, 15% in the secondary sector and 10% in the tertiary sector, whereas now only 2% are employed in the primary sector, 28% in the secondary sector and 70% in the tertiary sector. One of the main reasons why there has been a decline in the primary and secondary is sector is the change in technology. As the newer technology provided businesses with more efficient ways of extracting and manufacturing products (using machinery) it also reduced the amount of workload needed by humans in the chosen job.This meant a lot of workers had to become redundant and thus taking jobs in the tertiary sector. Additionally because of the over-extraction of natural resources there are very scares resources left to extract out of the earth; as a result businesses have to compete for the resources that remain meaning businesses that cannot compete to acquire these resources have to make their employees redundant hence the decline in employment rate in the primary sector.Finally because of the increasing safety standards and more people caring about their health there has been a decrease in primary and secondary sectors. On the other hand, whilst the primary and secondary sectors are decreasing, the tertiary sector has increased dramatically. This is because of the increase in educational standards and the amount of pay in the tertiary sector. As decades past more and more people are receiving better education around the world, thus people with higher education require higher paying jobs.This is where the level of employment in the tertiary sector skyrocketed because the tertiary sector could provide these people with a higher pay and a job that they want to pursue. Furthermore as a result of increase in tourism many tertiary sector businesses have opened up to fulfill the demand tourists. In conclusion the sectors in the business industry will always keep on changing because of the factors shown. We are in a generation where the tertiary sector is very popular and this has influenced the way each country works.For example in Thailand there are many tertiary businesses in the capital city such as offices, super-markets and malls which are mainly highly successful. And schools nowadays guide students to work in the tertiary sectors instead of primary of secondary. However there are still large populations of people working in the primary sector as rice farmers etc. Nevertheless I believe in the future the tertiary sector will decrease and the primary and secondary sectors will rise again because once the tertiary sector meets its peak, it will drop back down.