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Definition: iPhone Economy

A New York Times video titled "The iPhone Economy" summarized the effect of outsourcing the manufacturing of iPhones and other electronic products to countries such as China, Korea and Taiwan. The crux of the presentation was that the manufacturing sector creates more jobs in ancillary companies than does the service industry by a large factor. The video claimed every 1,000 manufacturing jobs creates 5,700 jobs in the economy, whereas every 1,000 service jobs creates 1,700 total jobs. See economies and iPhone.