Why is tertiary sector also known as service sector?
Tertiary Sector : These are activities that help in the development of the primary and secondary sectors.
Why is tertiary sector also known as service sector?
Introduction:
The economy is divided into three sectors, primary, secondary, and tertiary. The tertiary sector is also known as the service sector. In this response, we will explore the reasons behind this terminology.
Definition of Tertiary Sector:
The tertiary sector is the segment of the economy that provides services to its consumers. It includes industries such as education, healthcare, finance, tourism, and transportation.
Services provided by Tertiary Sector:
The tertiary sector provides intangible goods and services to its consumers. These services are not physical products but rather experiences or expertise. Some examples of services provided by the tertiary sector are:
- Education: The provision of knowledge and expertise to students
- Healthcare: The provision of medical services to people
- Finance: The management of money and investments
- Tourism: The provision of travel experiences to people
- Transportation: The movement of people and goods from one place to another
Why is Tertiary Sector known as Service Sector?
The tertiary sector is also known as the service sector because it provides services to its consumers. Unlike the primary and secondary sectors, which deal with physical products, the tertiary sector deals with intangible goods and services.
Furthermore, the primary and secondary sectors are involved in the production of goods, while the tertiary sector is involved in the provision of services. Therefore, the term service sector is more appropriate for the tertiary sector as it accurately describes the nature of the industry.
Conclusion:
In conclusion, the tertiary sector is known as the service sector because it provides services to its consumers. The services provided by this sector are intangible goods and services that are not physical products. The term service sector is more appropriate for the tertiary sector as it accurately describes the nature of the industry.
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