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Advantages and Disadvantages of a Large Tertiary Sector

Discuss the advantages and disadvantages of a city having a large tertiary sector.

Category:

Market Structures and Competition

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Answer

1. Understand the definition of the tertiary sector and its importance in the economy.
2. Analyze the advantages and disadvantages of a city having a large tertiary sector, considering factors such as economic growth, job creation, productivity, foreign investment, pollution, and inequality.
3. Emphasize the importance of balancing the growth of the tertiary sector with other sectors to ensure a healthy and sustainable economy, and consider the specific context and policies implemented in the city.

I. Introduction
- Definition of tertiary sector
- Importance of discussing advantages and disadvantages of a city having a large tertiary sector

II. Advantages of a large tertiary sector
- Generates economic growth and high value output
- Generates jobs and leads to low unemployment
- Tertiary sector has high productivity and high pay which can lead to increased consumer spending
- Encourages foreign investment and more capital spending
- Less pollution and low transport costs
- Can export services and improve the current account of the balance of payments
- More tax revenue for the government

III. Disadvantages of a large tertiary sector
- Limited job choices and no manufacturing/agricultural jobs
- Risk of specialising and overdependence on other economies
- Inequality and not all will be able to get jobs in high-paying services such as finance
- Congestion/transport problems, overcrowding, high house prices/housing shortage

IV. Conclusion
- Summary of advantages and disadvantages
- Importance of balancing the growth of the tertiary sector with other sectors
- Final thoughts on the impact of a large tertiary sector on a city's economy.

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The Economics of a Large Tertiary Sector

I. Introduction
The tertiary sector is the third sector of the economy and is made up of services such as finance, healthcare, education, retail, and hospitality. It is important to discuss the advantages and disadvantages of a city having a large tertiary sector in order to understand the impact it can have on the economy.

II. Advantages of a Large Tertiary Sector
A large tertiary sector can generate economic growth and high value output. This can lead to more jobs and lower unemployment, as well as higher productivity and higher pay. This can then lead to increased consumer spending, which can further stimulate the economy. A large tertiary sector can also encourage foreign investment and more capital spending. Additionally, it can lead to less pollution and lower transport costs. Furthermore, it can export services and improve the current account of the balance of payments. Finally, it can generate more tax revenue for the government.

III. Disadvantages of a Large Tertiary Sector
However, there are also some disadvantages to having a large tertiary sector. There can be limited job choices and no manufacturing or agricultural jobs. There is also a risk of specialising and overdependence on other economies. Additionally, there can be inequality, as not everyone will be able to get jobs in high-paying services such as finance. Finally, there can be congestion and transport problems, overcrowding, high house prices, and a housing shortage.

IV. Conclusion
In conclusion, there are both advantages and disadvantages to having a large tertiary sector in a city. It is important to balance the growth of the tertiary sector with other sectors in order to ensure a healthy and sustainable economy. Ultimately, the impact of a large tertiary sector on a city's economy will depend on the specific context and the policies implemented.

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