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Write the reasons for rising importance of tertiary sector for production.?
Most Upvoted Answer
Write the reasons for rising importance of tertiary sector for product...
Hey, here is your answer..
Five reasons for rising importance of tertiary sector for production are :-
1)Tertiary sectors composes almost 50% of Indian economy.
2)this sector accounts for most of the national & PCI.
3) it creates huge employment even for the uneducated and unskilled workers.
4) it is responsible to distribute its services and goods to different consumers.
5) the need for tertiary is increasing as there is more need of services like financial institutions, educational institutions etc. in economy.
I think it would be helpful.. Thank u.
Five reasons for rising importance of tertiary sector for production are :-
1)Tertiary sectors composes almost 50% of Indian economy.
2)this sector accounts for most of the national & PCI.
3) it creates huge employment even for the uneducated and unskilled workers.
4) it is responsible to distribute its services and goods to different consumers.
5) the need for tertiary is increasing as there is more need of services like financial institutions, educational institutions etc. in economy.
I think it would be helpful.. Thank u.
Community Answer
Write the reasons for rising importance of tertiary sector for product...
Reasons for Rising Importance of Tertiary Sector for Production
- Increasing demand for services: With the rise in income levels and changing lifestyles, there is an increasing demand for services such as healthcare, education, entertainment, tourism, and hospitality. This has led to the growth of the tertiary sector as it caters to these demands.
- Transformation of the economy: The economy is transforming from a primary-based economy to a service-based economy. This is due to the declining importance of agriculture and the growth of industries such as IT, finance, and telecommunications.
- Technological advancements: The rapid advancement of technology has made it possible to deliver services more efficiently and effectively. For example, online shopping, e-learning, and telemedicine have become popular due to technological advancements.
- Globalization: With the globalization of the economy, there is an increase in demand for services such as transportation, logistics, and communication. This has led to the growth of the tertiary sector as it caters to these demands.
- Employment opportunities: The tertiary sector is a major source of employment as it provides jobs in various sectors such as retail, healthcare, education, and tourism. This has led to the growth of the tertiary sector and its importance in the production process.
- Contribution to GDP: The tertiary sector contributes significantly to the Gross Domestic Product (GDP) of a country. In developing countries, the tertiary sector accounts for a larger share of the GDP than the primary and secondary sectors. This highlights the importance of the tertiary sector for production.
In conclusion, the rising importance of the tertiary sector for production can be attributed to increasing demand for services, transformation of the economy, technological advancements, globalization, employment opportunities, and contribution to GDP. These factors have led to the growth of the tertiary sector and its importance in the production process.
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Write the reasons for rising importance of tertiary sector for production.? for Class 10 2024 is part of Class 10 preparation. The Question and answers have been prepared according to the Class 10 exam syllabus. Information about Write the reasons for rising importance of tertiary sector for production.? covers all topics & solutions for Class 10 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Write the reasons for rising importance of tertiary sector for production.?.
Write the reasons for rising importance of tertiary sector for production.? for Class 10 2024 is part of Class 10 preparation. The Question and answers have been prepared according to the Class 10 exam syllabus. Information about Write the reasons for rising importance of tertiary sector for production.? covers all topics & solutions for Class 10 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Write the reasons for rising importance of tertiary sector for production.?.
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