Scotland which has a good agricultural land for keeping animals and crop cultivation lacks enough food supply to feed its growing population (Sakamoto, 2003, p. 133). For this reason, it is depending on imported food products. Fishing which is one of the economic activities in Scotland is facing problems as the fish stock has been depleted. This has led to closure of some of the fishing grounds, thus making it difficult for the fishermen to survive. Due to poor performance of some of the economic activities in Scotland, it has resulted to poor performance of the whole economy (Sakamoto, 2003, p. 133).
The economy of Scotland has not been strong compared to the United Kingdom economy (Young, & Hood, 1994, p. 67). Since the Scottish economy is not autonomous; it uses the United Kingdom monetary policies. The official currency used in Scotland is the British pound sterling. The economy of Scotland has shifted from heavy industries to service and technology based economy (Young, & Hood, 1994, p. 69). After the industrial revolution, Scotland relied most on heavy industries such as steel and coal mining, and shipbuilding. However, currently the country has taken a new move towards investing in information and technology activities so as to create more employment opportunities (Young, & Hood, 1994, p. 68)
The economy of Scotland has a fast growing and dynamic development industries and electronic design (Sakamoto, 2003, p. 135). There are also strong multinational companies which have established technological firms in other countries. Some of these companies include the Motorola which offers communication electronics (Sakamoto, 2003, p. 135).
Scotland is well endowed with a number of resources that form firm basis for its economy. Some of these resources include: crude oil, barley for making wine, rich cultural heritage & landscape for tourist attraction. Scotland has the ...
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