Question

Which sector plays a significant roll for the development of an economy?

Answer 1

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■☆》TERTIARY SECTOR PLAYS AN IMPORTANT AND SIGNIFICANT ROLL IN THE DEVELOPMENT OF AN ECONOMY. BECAUSE...

☆》Main reasons behind the growth of services include rapid urbanization, the expansion of the public sector and increased demand for intermediate and final consumer services. Access to efficient services has become crucial for the productivity and competitiveness of the entire economy.

The successful growth of the primary and secondary activities in the economy, to a large extent, is dependent on services offered by banking, insurance, trade, commerce, entertainment, maintenance of machinery and equipment and numerous other services categorized as tertiary activities.

Services play a central role in the economies of both developed and developing countries. They account for over half of the gross domestic product of all developed economies and constitute the single largest sector in most developing economies. The service sector comprises Trade, Hotels & Restaurants, Construction, Electricity, Transport, Storage, Communication, Banking, Insurance, Education & Research, Medical & Health, Ownership of Dwellings, Real Estate & Business Services and Other Services (Business Services, Computer & Related Services, Legal Services, Real Estate Activities, Renting of Machinery & Equipments and Social & Personal Services).

an economy grows it will undergo some structural changes. The composition of its GDP and structure of employment will change. This has been the experience of all the developed and developing economies. Structural changes refer to change in the structure of the economy means production structure. Production structure refers to the composition of output i.e. contribution of the primary, secondary and tertiary sectors of the economy.

Answer 2

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