Question

tertiary sector is more develop sector in recent years or service?

Answer 1

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.

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.