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The tertiary sector is also called:
- a)Primary sector
- b)Service sector
- c)Manufacturing sector
- d)All the these
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
The tertiary sector is also called:a)Primary sector b)Service sectorc)...
Tertiary Sector:
The tertiary sector refers to the sector of the economy that provides services to consumers and other sectors of the economy. It is also known as the service sector.
Key Points:
- The tertiary sector is the largest and fastest-growing sector in many economies around the world.
- It includes a wide range of industries such as retail, hospitality, healthcare, finance, education, transportation, and many others.
- This sector focuses on providing intangible goods or services to satisfy the needs and wants of individuals and businesses.
- The primary sector, also known as the extraction sector, involves activities related to the extraction of raw materials from the earth, such as mining, agriculture, fishing, and forestry.
- The manufacturing sector, also known as the secondary sector, involves the transformation of raw materials into finished goods through various production processes.
- The tertiary sector complements the primary and secondary sectors by providing services that support production, distribution, and consumption.
- The growth of the tertiary sector is driven by factors such as urbanization, rising disposable incomes, technological advancements, and changing consumer preferences.
- It plays a crucial role in generating employment, promoting economic growth, and improving the standard of living.
Therefore, the correct answer is B: Service sector, as the tertiary sector is also referred to as the service sector.
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Community Answer
The tertiary sector is also called:a)Primary sector b)Service sectorc)...
Service Sector
The tertiary sector, also known as the service sector, is a category of the economy that provides various services to businesses and individuals. This sector does not produce goods but offers intangible value and support to customers. Let's delve into the details of why the tertiary sector is referred to as the service sector.
Definition of Service Sector
The service sector encompasses a wide range of industries such as banking, healthcare, education, transportation, tourism, hospitality, and many more. These industries focus on delivering services rather than tangible products.
Characteristics of the Service Sector
- Intangible products: Services are intangible and cannot be held or touched, unlike goods produced in the primary or secondary sectors.
- Customer-centric: The service sector revolves around meeting the needs and demands of customers by providing personalized services.
- Labor-intensive: Services often require human interaction and expertise, making the sector labor-intensive.
- Growing importance: With the rise of technology and globalization, the service sector has become increasingly vital in driving economic growth.
Key Role of the Service Sector
The service sector plays a crucial role in modern economies by contributing significantly to GDP, creating employment opportunities, and enhancing the overall quality of life. It facilitates trade, promotes innovation, and fosters economic development.
Conclusion
In conclusion, the tertiary sector, or service sector, is distinguished by its focus on providing services rather than tangible goods. It plays a pivotal role in the economy and is essential for sustaining growth and prosperity.
The tertiary sector, also known as the service sector, is a category of the economy that provides various services to businesses and individuals. This sector does not produce goods but offers intangible value and support to customers. Let's delve into the details of why the tertiary sector is referred to as the service sector.
Definition of Service Sector
The service sector encompasses a wide range of industries such as banking, healthcare, education, transportation, tourism, hospitality, and many more. These industries focus on delivering services rather than tangible products.
Characteristics of the Service Sector
- Intangible products: Services are intangible and cannot be held or touched, unlike goods produced in the primary or secondary sectors.
- Customer-centric: The service sector revolves around meeting the needs and demands of customers by providing personalized services.
- Labor-intensive: Services often require human interaction and expertise, making the sector labor-intensive.
- Growing importance: With the rise of technology and globalization, the service sector has become increasingly vital in driving economic growth.
Key Role of the Service Sector
The service sector plays a crucial role in modern economies by contributing significantly to GDP, creating employment opportunities, and enhancing the overall quality of life. It facilitates trade, promotes innovation, and fosters economic development.
Conclusion
In conclusion, the tertiary sector, or service sector, is distinguished by its focus on providing services rather than tangible goods. It plays a pivotal role in the economy and is essential for sustaining growth and prosperity.
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The tertiary sector is also called:a)Primary sector b)Service sectorc)Manufacturing sector d)All the theseCorrect answer is option 'B'. Can you explain this answer?
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