SERVICE AND GOODS

THE ROLE OF SERVICES IN THE US ECONOMY

Since the industrial revolution, US has been a primary international competitor in the area of production of goods. However in these few decades, US economy also become a service economy. Only a limited segment of the total range of services is sold internationally. Many service industries have disposal large organization, specialized technology, or advance professional expertise. Stength in these characteristics has enabled the US to become the world’s largest exporter of services. The profit actually comes from many firms and industries. Most of the large management consulting firms derive more than half their revenue from international sources.

2. THE ROLE OF INTERNATIONAL SERVICES IN THE WORLD ECONOMY

The rise of the service sector is a global phenomenon. Service contributes an average of more than 60 percent to the gross national product of industrial nations. Services are also rapidly moving to the forefront in many other nations as well, like Argentina, Mexico, South Africa, and Thailand. With growth rates higher than other sectors such as agriculture and manufacturing, services are instrumental in job creation in these countries.