Service economy in the context of "Experience economy"

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⭐ Core Definition: Service economy

Service economy can refer to one or both of two recent economic developments:

The old dichotomy between product and service has been replaced by a Service (economics) service–product continuum [1]. Many products are being transformed into services.

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👉 Service economy in the context of Experience economy

An experience economy is the sale of memorable experiences to customers. The term was first used in a 1998 article by B. Joseph Pine II and James H. Gilmore describing the next economy following the agrarian economy, the industrial economy, and the most recent service economy.

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Service economy in the context of Eco-economic decoupling

In economic and environmental fields, decoupling refers to an economy that would be able to grow without corresponding increases in environmental pressure. In many economies, increasing production (GDP) raises pressure on the environment. An economy that would be able to sustain economic growth while reducing the amount of resources such as water or fossil fuels used and delink environmental deterioration at the same time would be said to be decoupled. Environmental pressure is often measured using emissions of pollutants, and decoupling is often measured by the emission intensity of economic output.

Studies have found that absolute decoupling was rare and that only a few industrialised countries had weak decoupling of GDP from "consumption-based" CO2 production. No evidence was found of national or international economy-wide decoupling in a study in 2020. In cases where evidence of decoupling exists, one proposed explanation is the transition to a service economy. The environmental Kuznets curve is a proposed model for eco-economic decoupling.

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Service economy in the context of Dayton, Ohio

Dayton (/ˈdtən/ ) is a city in Montgomery County, Ohio, United States, and its county seat. It is the sixth-most populous city in Ohio, with a population of 137,644 at the 2020 census. The Dayton metropolitan area has an estimated 822,000 residents and is the state's fourth-largest metropolitan area. Dayton is located within Ohio's Miami Valley region, 50 miles (80 km) north of Cincinnati and 55 miles (89 km) southwest of Columbus.

Dayton was founded in 1796 along the Great Miami River and named after Jonathan Dayton, a Founding Father who owned a significant amount of land in the area. It grew in the 19th century as a canal town and was home to many patents and inventors, most notably the Wright brothers, who developed the first successful motor-operated airplane. It later developed an industrialized economy and was home to the Dayton Project, a branch of the larger Manhattan Project, to develop polonium triggers used in early atomic bombs. With the decline of heavy manufacturing in the late 20th century, Dayton's businesses have diversified into a service economy.

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Service economy in the context of Croydon

Croydon is a large town in South London, England, 9.5 miles (15 km) south of Charing Cross. Part of the London Borough of Croydon, a local government district of Greater London; it is one of the largest commercial districts in Greater London, with an extensive shopping area. The entire town had a population of 192,064 as of 2011, whilst the wider borough had a population of 384,837.

Historically an ancient parish in the Wallington Hundred of Surrey, at the time of the Norman Conquest of England, Croydon had a church, a mill, and around 365 inhabitants, as recorded in the Domesday Book of 1086. Croydon expanded in the Middle Ages as a market town and a centre for charcoal production, leather tanning and brewing, with the brewing industry in particular remaining strong for hundreds of years. The Surrey Iron Railway from Croydon to Wandsworth opened in 1803 and was an early public railway. Later 19th century railway building facilitated Croydon's growth as a commuter town for London. By the early 20th century, Croydon was an important industrial area, known for car manufacture, metalworking and Croydon Airport. In the mid 20th century these sectors were replaced by retailing and the service economy, brought about by massive redevelopment which saw the rise of office blocks and the Whitgift Centre, the largest shopping centre in Greater London until 2008. Historically, the town formed part of the County of Surrey, and between 1889 and 1965 a county borough, but it was amalgamated into Greater London in 1965.

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Service economy in the context of Volkseigener Betrieb

Volkseigener Betrieb (VEB; German for "Publicly Owned Enterprise") was the main legal form for state-owned enterprises in the planned economy of the German Democratic Republic (East Germany). VEBs constituted the majority of the economy of East Germany, including most industrial and service enterprises, and employed 79.9% of the East German workforce by 1989.

VEBs were organised by the State Planning Commission of the Council of Ministers, first into vertically integrated units called Associations of Publicly Owned Enterprises Vereinigung Volkseigener Betriebe (VVBs) until these were reformed into Kombinat by the 1980s. Production and investment were set by the State Planning Commission and ministry industries under the control of the Socialist Unity Party of Germany. VEBs struggled to compete in the market economy during German reunification due to outdated and labour intensive practices, which made many of them unprofitable and heavily in debt. Around 8,000 VEBs were transferred to the Treuhandanstalt for privatisation and most were liquidated from 1990 to 1994.

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