TERTIARY SECTORS Meaning and
Definition
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The tertiary sector, also known as the service sector, is a term used in economics to describe a segment of the economy that primarily deals with the provision of services rather than producing tangible goods. It encompasses various industries that focus on providing services to consumers, businesses, and the government, contributing to the overall economic growth and development of a country.
The tertiary sector includes a wide range of activities, such as retail, hospitality, healthcare, education, banking, insurance, transportation, telecommunications, entertainment, and legal services. It involves the exchange of expertise, skills, knowledge, and intangible assets to meet the needs and demands of individuals and organizations.
One of the key characteristics of the tertiary sector is its direct interaction with customers, as the services provided are often personalized and require direct engagement. Service providers in this sector typically have high levels of customer service and require a skilled workforce to deliver these services effectively.
The growth of the tertiary sector is often associated with the development of a country and its transition from an agrarian or industrial economy to a more advanced and service-oriented one. As economies evolve, the importance of the tertiary sector increases, leading to a shift in employment patterns, where a larger share of the workforce is engaged in service-related activities.
Overall, the tertiary sector plays a crucial role in enhancing the quality of life, facilitating economic transactions, promoting innovation, and driving productivity and competitiveness.
Common Misspellings for TERTIARY SECTORS
- rertiary sectors
- fertiary sectors
- gertiary sectors
- yertiary sectors
- 6ertiary sectors
- 5ertiary sectors
- twrtiary sectors
- tsrtiary sectors
- tdrtiary sectors
- trrtiary sectors
- t4rtiary sectors
- t3rtiary sectors
- teetiary sectors
- tedtiary sectors
- teftiary sectors
- tettiary sectors
- te5tiary sectors
- te4tiary sectors
- terriary sectors
- terfiary sectors
Etymology of TERTIARY SECTORS
The word "tertiary" comes from the Latin word "tertiarius", which means "third". It is derived from the Latin word "tertius", meaning "third in order or rank". In the context of the three-sector theory of economics, the tertiary sector refers to the third sector of the economy, following the primary sector (agriculture, mining, etc.) and the secondary sector (manufacturing, construction, etc.). The term "tertiary sectors" is used to describe the services sector, which includes activities such as transportation, finance, healthcare, education, entertainment, tourism, and more.
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