ATM is an example ofa)primary sectorb)secondary sectorc)tertiary sectord)all of theseCorrect answer is option 'C'. Can you explain this answer?

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Answer

ATM is an example of tertiary sector which is also known as service sector. ATM is a machine whose full name is Automated Teller Machine. It was invented in 1960 by John Shepherd - Barron.

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ATM is an example of tertiary sector which is also known as service sector. ... It is an automated banking machine, which allows the customer to complete the original transaction without the help of bank representatives

Answer

ATM is an example of tertiary sector which is also known as service sector. ATM is a machine whose full name is Automated Teller Machine. It was invented in 1960 by John Shepherd - Barron.

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TERTIARY SECTOR OR SERVICE SECTOR

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ATM belongs to tertiary sector because it provides services to primary and secondary sector.

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Tertiary sector..

because it is not included in production or manufacturing....
it an example of service ...

Answer

Option C because it doesn't produce goods it gives  service only.

Answer

ATM, which stands for Automated Teller Machine, is an example of the tertiary sector.

The tertiary sector, also known as the service sector, refers to the sector of the economy that provides services rather than producing goods. It includes activities such as banking, healthcare, transportation, education, tourism, and many more. ATM falls under the banking sector, which is a part of the tertiary sector.

Now let's discuss why ATM is considered an example of the tertiary sector in detail:

1. Definition of the Tertiary Sector:
The tertiary sector is involved in the provision of services to individuals and businesses. It does not directly produce goods but enhances the production process and fulfills the needs of the consumers.

2. Services Provided by ATMs:
ATMs are self-service machines that offer a range of services related to banking. Some of the key services provided by ATMs include:
- Cash withdrawal: Users can withdraw cash from their bank accounts using ATMs.
- Balance inquiry: Users can check their account balance through ATMs.
- Fund transfers: ATMs allow users to transfer funds between their accounts.
- Deposit services: Some advanced ATMs also provide options for cash and check deposits.

3. Role in the Banking Sector:
ATMs are an integral part of the banking sector and have revolutionized the way people access their funds. They provide convenience and accessibility to customers, allowing them to perform various banking transactions without visiting a physical bank branch. This has resulted in increased efficiency, reduced waiting times, and improved customer satisfaction.

4. Example of Tertiary Sector Activity:
Since ATMs are primarily engaged in providing banking services, they fall under the tertiary sector. They do not involve the production of goods but rather facilitate the delivery of financial services to the customers.

In conclusion, ATMs are classified as an example of the tertiary sector because they provide banking services to individuals and businesses. They contribute to the efficiency and accessibility of financial services, making them an important part of the modern banking system.

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