Tertiary Industries and Tourism Tertiary Industries enable consumers to obtain and use the finished goods. Workers in the tertiary part of the economy provide services rather than goods. Sales, repair services, banking, and insurance are all part of the tertiary industry. People who work in the tertiary sector include workers in the tourism and hospitality industry, doctors, couriers, and business consultants.
This sector generally takes the output of the primary sector and manufactures finished goods or where they are suitable for use by other businesses, for exportor sale to domestic consumers.
This sector is often divided into light industry and heavy industry. Many of these industries consume large quantities of energy and require factories and machinery to convert raw materials into goods and products.
They also produce waste materials and waste heat that may cause environmental problems or cause pollution. The secondary sector supports both the primary and tertiary sector. Some economists contrast wealth-producing sectors in an economy such as manufacturing with the service sector which tends to be wealth-consuming.
These economists contend that an economy begins to decline as its wealth-producing sector shrinks. Nations that export manufactured products tend to generate higher marginal GDP growth which supports higher incomes and marginal tax revenue needed to fund the quality of life initiatives such as health care and infrastructure in the economy.
The field is an important source for engineering job opportunities.
Among developed countries, it is an important source of well-paying jobs for the middle class to facilitate greater social mobility for successive generations on the economy.The tertiary sector consists of industries which provide a service, such as transport and finance.
[ business ] The proportion of the labour force in the tertiary sector is increasing. PRODUCTIVE SECTORS OF THE ECONOMY Objectives: Explain the characteristics of primary, secondary and tertiary sectors, and the interdependence of the different sectors The Factors of Production – these are the resources that are used in the production process.
In . The primary sector of the economy is the sector of an economy making direct use of natural resources.
This includes agriculture, forestry and fishing, mining, and extraction of oil and gas. This is contrasted with the secondary sector, producing manufactures and other processed goods, and the tertiary sector, producing services. Production structure refers to the composition of output i.e.
contribution of the primary, secondary and tertiary sectors of the economy. The most common structural change that largest followed by tertiary sector and secondary sector. Thereafter, the major drive Role of Service Sector in Indian Economy: An Analysis. economy. The tertiary sector of the economy (also known as the service sector or the service industry) is one of the three economic sectors, the others being the secondary sector (approximately the same as manufacturing) and the primary sector (agriculture, fishing, and extraction such as mining).
This indicates that while the tertiary sector and the secondary sector have grown by leaps and bounds since , the primary sector has seen a steady decline. Primary sector – A brief overview The Indian primary sector consists mostly of Agriculture and allied activities.