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Economic impact of transportation industry
Economic impact of transportation industry
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Economic impact of transportation industry
The transportation industry plays a crucial role in the economy of any country. It involves the movement of goods and people from one place to another and is an essential part of the supply chain. The industry comprises various modes of transportation, including air, water, rail, and road. The economic impact of the transportation industry is significant, and in this article, we will discuss it in 1000 words.
Contribution to Gross Domestic Product (GDP)
The transportation industry is a significant contributor to a country’s Gross Domestic Product (GDP). The transportation sector’s contribution to GDP is measured by the value-added by the industry, which is the difference between the total revenue generated by the industry and the total cost of the inputs used. According to the Bureau of Transportation Statistics, the transportation and warehousing sector contributed $1.1 trillion to the U.S. GDP in 2019. This represents about 5.8% of the total GDP. In other countries, the transportation sector’s contribution to GDP may vary, but it is usually a significant contributor.
Employment Opportunities
The transportation industry provides employment opportunities to millions of people worldwide. According to the International Transport Forum, the global transport sector employs approximately 60 million people. The transportation industry includes a range of jobs, from pilots to truck drivers, from rail workers to maritime workers. The industry’s jobs are essential, and many of them pay well. The employment opportunities in the transportation sector also indirectly create jobs in related industries, such as manufacturing and retail.
Facilitation of Trade
The transportation industry facilitates trade by moving goods from one place to another. Without transportation, it would be challenging to get goods to consumers, and many businesses would not be able to operate. The transportation industry is an essential part of the supply chain and contributes to the growth of international trade. The World Trade Organization (WTO) estimates that the transportation industry is responsible for approximately 35% of world trade by value.
Infrastructure Investment
The transportation industry requires significant infrastructure investment to function effectively. This investment includes the construction and maintenance of roads, rail lines, airports, and ports. The investment in infrastructure creates jobs and contributes to economic growth. According to the American Society of Civil Engineers, the United States needs to invest $4.5 trillion in infrastructure by 2025 to maintain its global competitiveness. Other countries also face infrastructure investment challenges, and investment in infrastructure is a key driver of economic growth.
Energy Consumption
The transportation industry is a significant consumer of energy. The majority of the energy used by the industry comes from fossil fuels, which contribute to climate change. The transportation industry is responsible for approximately 25% of global greenhouse gas emissions. The industry’s dependence on fossil fuels makes it vulnerable to energy price fluctuations, which can affect the industry’s profitability.
Innovation and Technology
The transportation industry is constantly innovating and adapting to new technologies. The industry has seen significant advancements in recent years, including the development of electric and autonomous vehicles. These innovations have the potential to reduce the industry’s environmental impact and increase efficiency. The transportation industry’s investment in technology creates jobs and contributes to economic growth.
Conclusion
In conclusion, the transportation industry is a vital part of the economy and has a significant impact on economic growth and development. The industry’s contribution to GDP, employment opportunities, and facilitation of trade make it a crucial component of the supply chain. The industry’s investment in infrastructure and technology creates jobs and contributes to economic growth. However, the industry’s dependence on fossil fuels and the resulting impact on climate change is a significant challenge that must be addressed. The transportation industry will continue to play a critical role in the economy, and it is essential to ensure that it does so sustainably.
Economic impact of transportation industry
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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