Final answer:
The UK economy has transitioned from an industrial-based economy to a service-based economy in the last century.
Globalization and the UK's membership in the EU have also influenced its economic landscape. The UK economy has faced challenges and fluctuations over the years.
Step-by-step explanation:
The UK economy has undergone significant shifts in the last century. One major change is the transition from an industrial-based economy to a service-based economy.
In the early 1900s, the UK was a leading industrial power, with mass production and manufacturing dominating its economy. However, over time, there has been a decline in manufacturing and an increase in services such as finance, technology, and tourism.
Another shift has been globalization and the UK's role in the European Union. The UK joined the European Economic Community (EEC), later known as the EU, in 1973. Membership in the EU brought opportunities for trade and economic integration with other member countries.
Furthermore, the UK economy has also faced challenges and fluctuations, including recessions and financial crises. For example, the global financial crisis of 2008 had a significant impact on the UK economy, leading to a recession and subsequent austerity measures.