Britannica Money (2024)

service industry, an industry in that part of the economy that creates services rather than tangible objects. Economists divide all economic activity into two broad categories, goods and services. Goods-producing industries are agriculture, mining, manufacturing, and construction; each of them creates some kind of tangible object. Service industries include everything else: banking, communications, wholesale and retail trade, all professional services such as engineering, computer software development, and medicine, nonprofit economic activity, all consumer services, and all government services, including defense and administration of justice. A services-dominated economy is characteristic of developed countries. In less-developed countries most people are employed in primary activities such as agriculture and mining.

The proportion of the world economy devoted to services grew steadily during the 20th century. In the United States, for example, the service sector accounted for more than half the gross domestic product (GDP) in 1929, two-thirds in 1978, and more than three-quarters in 1993. In the early 21st century, service industries accounted for more than three-fifths of the global GDP and employed more than one-third of the labour force worldwide.

The simplest explanation for the growth of service industries is that goods production has become increasingly mechanized. Because machines allow a smaller workforce to produce more tangible goods, the service functions of distribution, management, finance, and sales become relatively more important. Growth in the service sector also results from a large increase in government employment.

Britannica Money (2024)

FAQs

How does Britannica earn money? ›

Only 15 % of our revenue comes from Britannica content. The other 85% comes from learning and instructional materials we sell to the elementary and high school markets and consumer space. We have been profitable for the last eight years.

What is the oldest form of money? ›

The Mesopotamian civilization developed a large-scale economy based on commodity money. The shekel was the unit of weight and currency, first recorded c. 2150 BC, which was nominally equivalent to a specific weight of barley that was the preexisting and parallel form of currency.

What are four types of money? ›

Different 4 types of money
  • Fiat money – the notes and coins backed by a government.
  • Commodity money – a good that has an agreed value.
  • Fiduciary money – money that takes its value from a trust or promise of payment.
  • Commercial bank money – credit and loans used in the banking system.
Jul 11, 2023

Is Britannica a reliable source? ›

Britannica's content is among the most trusted in the world.

How much does Britannica pay? ›

The average Encyclopædia Britannica hourly pay ranges from approximately $19 per hour (estimate) for a Front Desk Receptionist/Shipping and Receiving Clerk to $51 per hour (estimate) for a Manager. Encyclopædia Britannica employees rate the overall compensation and benefits package 2.6/5 stars.

Why does Britannica cost money? ›

Britannica's commitment to rigor, research, fact-checking, and editing is the prevailing reason we remain the pivotal place of knowledge. Honoring this commitment is time-consuming, expensive work.

What is the weakest currency in the world? ›

The world's weakest currency is considered to be either the Iranian Rial or the Venezuelan Bolívar. This is due to the high inflation levels, political conflicts and poor economic health of the countries. Visit our forex trading page for more details on the 330+ currency pairs you can trade with us.

What is the richest currency in the world? ›

Which currency has the highest value in the world? Kuwaiti Dinar (KWD) is the world's most valuable currency.

What is the youngest currency in the world? ›

Nineteen European nations use the euro as their official currency. It is the youngest currency. There are about 25 countries that tie their currencies to the euro, even though the euro is not pegged with any other currency.

What is animal money? ›

1. Animal money: in protohistoric period 'animal money' was used as a means of exchange, e.g. cow sheep goat etc. however due to their indivisible nature, commodity money came into existence.

Which is the most liquid form of money? ›

Cash is the most liquid asset possible as it is already in the form of money. This includes physical cash, savings account balances, and checking account balances.

How is money made? ›

Making the Money

After paper money is designed, the design is sent to the Bureau of Engraving and Printing to be engraved onto a plate. The single plate is then reproduced many times onto a much larger plate that can print multiple bills at once. The plate is covered with ink and then pressed onto the paper.

Who runs Britannica? ›

CHIEF EXECUTIVE OFFICER

Under the leadership of Jorge Cauz, Britannica and Merriam-Webster have been transformed from iconic print brands into two of the world's largest and most trusted digital media platforms, serving a global audience of more than 150 million monthly users.

How old is Britannica? ›

First issued in 1768, 'Britannica' has its origins in Edinburgh. It was published by Colin Macfarquhar (1744/5-1793), a printer, and engraver Andrew Bell (1725/6-1809).

Is it OK to use Britannica? ›

Trust Britannica Library as a reliable source with objective, fact-check, and unbiased content that is written by experts and vetted through rigorous editorial process.

What is the annual revenue of Britannica? ›

Britannica's products have over 7 billion page views annually and are used by more than 150 million students, the website shows. Chief Executive Officer Jorge Cauz said in an interview in September 2022 the company would have revenue that year approaching $100 million.

Is Britannica royalty free? ›

By sending UGC, you automatically grant to Britannica, a royalty-free, perpetual, irrevocable, non-exclusive license to use, reproduce, modify, publish, edit, translate, distribute, perform, and display it alone or as part of other works in any form, media, or technology whether now known or hereafter developed, and to ...

What is the business model of Britannica? ›

In effect, Britannica's online distribution was split into two avenues: one, Britannica.com, aimed at consumers and supported by advertisem*nts and subscription fees (from subscribers who wanted an ad-free experience), and the other, at the eb.com domain, for institutions such as schools and libraries.

Who contributes to Britannica? ›

Since 1768, Encyclopaedia Britannica has partnered with the world's foremost institutions and experts — from public servants, social leaders, and heads of state to professional athletes, pioneering artists, Nobel Prize winners, scholars and independent writers, and graduate students, as well as niche craftsmen, ...

Top Articles
Latest Posts
Article information

Author: Clemencia Bogisich Ret

Last Updated:

Views: 6256

Rating: 5 / 5 (80 voted)

Reviews: 87% of readers found this page helpful

Author information

Name: Clemencia Bogisich Ret

Birthday: 2001-07-17

Address: Suite 794 53887 Geri Spring, West Cristentown, KY 54855

Phone: +5934435460663

Job: Central Hospitality Director

Hobby: Yoga, Electronics, Rafting, Lockpicking, Inline skating, Puzzles, scrapbook

Introduction: My name is Clemencia Bogisich Ret, I am a super, outstanding, graceful, friendly, vast, comfortable, agreeable person who loves writing and wants to share my knowledge and understanding with you.