Question

what is importance of tertiary sector?

Answer 1

The tertiary industry is the segment of the economy that provides services to its consumers, including a wide range of businesses such as financial institutions, schools and restaurants. It is also known as the tertiary sector or service industry/sector. The tertiary industry is one of three industry types in a developed economy, the other two being the primary, or raw materials, and secondary, or goods production, industries. As an economy becomes more developed, it shifts its focus from primary to secondary and tertiary industries.

 

Tertiary Industry

BREAKING DOWN Tertiary Industry

The tertiary industry is split into two main categories. The first is made up of companies in the business of making money, such as those in the financial industry. The second comprises the nonprofit segment, which includes services such as state education. The tertiary industry sector, which makes up the vast majority of employment opportunities, is solely focused on providing services, not goods, to consumers and other organizations. Hence, it is also known as the service sector. This is in contrast to the primary industry, which produces raw materials, and the secondary industry, which takes raw materials and uses them to produce salable consumer goods. The term can be used to describe a single service-oriented organization or the industry segment as a whole.

Answer 2

The development in the agriculture and industrial sectors has increased the need for services such as transportation , storage and trade . As the income of the people increased the demand for services in tourism , retailing , catering etc also increased