SERVICE SECTOR Meaning and
Definition
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The service sector is a broad category that encompasses a range of industries, businesses, and activities that provide intangible products and services to consumers. It refers to the segment of the economy that is primarily involved in offering services rather than manufacturing or producing tangible goods.
The service sector includes a diverse range of industries, such as hospitality, retail, healthcare, transportation, finance, education, telecommunications, and consulting, among others. It involves a wide array of services that are aimed at fulfilling consumers' needs, desires, and demands.
In this sector, value is created through expertise, skills, knowledge, and the delivery of intangible services rather than through the production of physically tangible goods. This can include anything from providing personal care services in a salon to offering financial advice to clients in a bank.
The service sector plays a vital role in modern economies, often accounting for a significant share of employment and GDP. It is driven by customer demand for various services and contributes to economic growth and development. The sector also benefits from advancements in technology, as digital platforms and automation have enabled the delivery of services more efficiently and effectively than ever before.
Overall, the service sector is characterized by its focus on intangible products and activities, delivering services that enhance people's lives and meet their needs, and contributing to economic activity and development in a nation.
Etymology of SERVICE SECTOR
The etymology of the word "service sector" involves the origins of both "service" and "sector":
1. Service: The term "service" comes from the Old English word "syrfeis", which meant "act of serving or duty". This word can be traced back to the Latin word "servitium", meaning "slavery, servitude, or duty". Over time, the term evolved to refer to the act of providing assistance, work, or aid to others.
2. Sector: The word "sector" comes from the Latin word "sector", which means "cutter or one who cuts". It refers to a part or distinct section of something. It was originally used in geometry to describe a portion of a circle.
Therefore, the term "service sector" combines the concept of providing assistance or work (service) with a specific portion or division (sector) within the overall economy.
