Wednesday, November 7, 2012

Levels of Economy- Tertiary

The phrase “service economy” — commonly used to describe the U.S. economic profile these days — refers to a decrease in manufacturing (where we make things for people) and an increase in the service sector (where we do stuff for people).
Planet Money put together stacked bar graphs to illustrate the increasing importance of service in our economy (1972 on the left, 2012 on the right).  Manufacturing (making things) is in yellow, so you can clearly see its decline in prominence.  Service sectors include “professional and business services,” “leisure and hospitality,” and “education and health services.”

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