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Chapter 1

MGT374: Textbook Chapter 1 Role of Services in an Economy

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Department
Management
Course
MGT374H5
Professor
Dave Swanston
Semester
Winter

Description
MGT374: Chapter 1   Winter 2014 Role of Services in an Economy Objectives: 1. Identify traits that all services have in common.  a. Common theme of intangibility and simultaneous consumption 2. Describe the central role of services in an economy a. Terms: i.  Infrastructure Service : transportation, communications, Utilities,  Banking  Prerequisite for economy to become industrialized ii.  Distribution Servic : Wholesaling, Retailing, Repairing iii.  Government Services  : Military, Education, Judicial, Police/Fire  Protection  Crucial role in creating stable environment for investment&  economic growth  Eg. Education to raise country’s literacy standards;  iv.  Business Services : Consulting, Advertising, Auditing, Waste  Disposal v.  Manufacturing (Services inside company):   Finance, Accounting,  Legal, R&D/Design vi.  Financial Service : Financing, Leasing, Insurance b. In complex economy, infrastructure and distribution are links to  distribution to consumer c. In industrialized economy, specialized firms provide better/cheaper/more  efficient business services than manufacturers to themselves. d. *Services are not side activities (not merely facilitating) but rather  important part of a thriving economy. i. Eg. Automobile manufactures, realized that by providing  additional services like financing/leasing, actually increase sales;  Elevator after sales maintenance profits > elevator equipment sales 3. State the Clark Fisher hypothesis concerning the evolution of an economy a. As a nation is industrialized, employment will move from one sector to  another; as productivity increases in one sector, labor force moves to  another. Will start off with the primary stage  ▯Secondary Stage  ▯Tertiary  Stage (Services) 4. Identify and differentiate the five stages of economic activity a. Primary (Extractive): Agriculture, Mining, Fishing, Forestry b. Secondary (Goods­Producing): Manufacturing, Processing  c. Tertiary (Domestic Services): Restaurants, Hotels, Laundry, Maintenance d. Quaternary (Trade and Commerce): Transportation, Communication,  Retailing, Finance, Government e. Quinary (Extending Human Potential): Health, Education , Research, Arts,  Recreation f. Observing countries in the past and present, shows that in order to  progress towards a stronger country, you need to move up the stages and  eventually progress to service to become a nation with a strong economy  5. Describe the features of pre­industrial, industrial and post­industrial societies a. Pre­industrial: Extraction of 
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