II. Contexts - Technological
•Modern industrial economy
–Highly industrialized
–High productivity and standards of living
•
•Britain as a trading nation
–Much more open economy than the USA
–No substantial agricultural exports but does produce most of its own food
–
•Resources
Modern industrial economy
   Highly industrialized, but like other such economies shifting toward services and white collar

High productivity and standards of living
   Per capita GDP in 2002 below the USA and below only Canada in the course
   Measured on Human Development Index, rates below Sweden, Canada and USA but above France, Germany & Italy
   Alternative Quality of Life Measure puts it only above Italy in the course

No substantial agricultural exports but does produce most of its own food
   Smaller percentage of labor force in agriculture than any economically developed country (BLW)

Resources
   Large coal, natural gas and oil deposits (North Sea)
   Primary energy production is 10% of GDP, very high for a developed nation
   Still, largest sector is services, especially banking, insurance and business services