AS Macro Key Term: Economic Structure | tutor2u Economics

AS Macro Key Term: Economic Structure

Economic structure is a term that describes the changing balance of output, trade, incomes and employment drawn from different economic sectors – ranging from primary (farming, fishing, mining etc) to secondary (manufacturing and construction industries) to tertiary and quaternary sectors (tourism, banking, software industries).  Changes in economic structure are a natural feature of economic life but they bring challenges in terms of reallocating factors of production. For example, a shift in production and jobs in one sector can lead to problems of structural unemployment. Our charts below track production in manufacturing, services and in agriculture for the UK economy.

UK Manufacturing Output

Data from Timetric.

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United Kingdom from Timetric

Index of Output in Service Industries

Data from Timetric.

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United Kingdom from Timetric

Service and industrial output as a share of UK GDP

Data from Timetric.

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United Kingdom from Timetric

Agricultural production as a share of UK GDP

Data from Timetric.

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Agriculture, value added (% of GDP), United Kingdom from Timetric

 

 

 

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