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The economic history of the United States spans the colonial era through the 21st century. The initial settlements depended on agriculture and hunting/trapping, later adding international trade, manufacturing, and finally, services, to the point where agriculture represented less than 2% of GDP .
Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade. According to economic theory , consumption of goods and services is assumed to provide utility (satisfaction) to the consumer or end-user, although businesses also consume goods and services in the course of ...
The lack of access to these goods all provided a strong incentive to learn how to develop the industries and to make their own goods instead of simply buying the goods produced by Britain. Modern productivity researchers have shown that the period in which the greatest economic and technological progress occurred was between the last half of ...
Service industries are those not directly concerned with the production of physical goods (such as agriculture and manufacturing). Some service industries, including transportation , wholesale trade and retail trade are part of the supply chain delivering goods produced in the agricultural and manufacturing sectors to final consumers.
Services constitute over 50% of GDP in low income countries and as their economies continue to develop, the importance of services in the economy continues to grow. [2] The service economy is also key to growth, for instance it accounted for 47% of economic growth in sub-Saharan Africa over the period 2000–2005 (industry contributed 37% and agriculture 16% in the same period). [2]
In the United States from the late 18th and 19th centuries, the Industrial Revolution affected the U.S. economy, progressing it from manual labor, farm labor and handicraft work, to a greater degree of industrialization based on wage labor. There were many improvements in technology and manufacturing fundamentals with results that greatly ...
Goods are capable of being physically delivered to a consumer. Goods that are economic intangibles can only be stored, delivered, and consumed by means of media. Goods, both tangibles and intangibles, may involve the transfer of product ownership to the consumer. Services do not normally involve transfer of ownership of the service itself, but ...
In 1960 he published a small book called Production of Commodities by Means of Commodities, which explained how technological relationships are the basis for production of goods and services. Prices result from wage-profit tradeoffs, collective bargaining, labour and management conflict and the intervention of government planning.