Final answer:
Service firms represent a large percentage of the economy in industrialized nations, making up over 60 percent of GDP as services have grown in share over time.
Step-by-step explanation:
In modern industrialized nations, service firms constitute a significant portion of the economy.
When we assess what is produced in an economy, services often don't come first to mind, especially when compared to tangible goods like cars and electronics.
However, services are, indeed, the leading contributors. As of recent statistics, services represent over 60 percent of the Gross Domestic Product (GDP) in countries like the United States.
This share has been seeing an upward trend over time, with services becoming increasingly crucial to the economic structure.
Leading service industries include sectors such as healthcare, education, and legal and financial services, which have become more prominent as manufacturing jobs decrease.
To answer the original question: Services constitute a large percentage of the economies of industrialized nations. Indeed, services are the most significant component of total supply, making up more than 60 percent of GDP, up from about 45 percent in the 1950s.
This shows a clear shift from an economy focused on producing durable and nondurable goods, to one where service industries are central.