How can you say that tertiary sector has under gone change since 1970
Answers
Answer:
Definition – The service sector is comprised of firms offering ‘intangible goods’ such as entertainment, retail, insurance, tourism and banking. The service sector will make use of manufactured goods, but there is an additional component of offering a service to customers.
coffee
A cafe selling coffee is an example of the service sector. It is making use of raw materials (primary sector) – coffee beans, and manufactured goods (cups and saucers and coffee machine.)
In a developed economy like the UK, the service sector is the biggest component of the economy, comprising nearly 80% of GDP and a similar ratio of employment. In the US, the service sector comprises 70% of the workforce.
In the UK, the main sectors of the service sector include:
Retail industry
Computer and I.T. services
Hotels and tourism services
Restaurants and Cafes
Transport – rail, bus, air, sea
Communication
Banking services
Insurance services
Pension services
Food and beverage services
Postal services
See: Index of Services, ONS
Tertiarisation
In the past 100 years, developed economies have seen a transition from a manufacturing-based economy to one where the ‘service sector’ or ‘tertiary sector’ dominates. Tertiarisation involves the service sector coming to comprise the biggest element of the economy
Explanation: