(ii) Demand for services such as transport, trade, storage will increase with the development of primary and secondary sectors
What is tertiary sector and its importance?
Importance of the tertiary sector :
the tertiary sector provides basic services like public transportation, medical care, electricity, banking, post office , etc under the control of the govt. ... the tertiary sector creates a huge area for employment even for uneducated and unskilled workers.
Why tertiary sector is becoming more important in most economies?
The reasons why this sector is gaining importance can be summed up in following points: 1. The need for tertiary is increasing as there is more need of services like financial institutions, educational institutions etc. ... The tertiary sector is responsible to distribute its services and goods to different consumers.
What is the economic importance of the tertiary sector?
Tertiary sectors hold an important place in our economy and anchor of it. Our employment rate is based on this sector. It creates employment for the uneducated people as well. The tertiary sector is playing an important role in the development of our economy through its infrastructural investment.
What are the main components of tertiary sector?
- Government service.
- Education service.
- Health service.
- Entertainment service.
- Hotels and Restaurants.
- Retail. This conversation is already closed by Expert.
What is tertiary sector explain with example?
The tertiary sector covers a wide range of activities from commerce to administration, transport, financial and real estate activities, business and personal services, education, health and social work . It is made of: ... the non-market sector (public administration, education, human health, social work activities).
What are the characteristics of tertiary sector?
The tertiary sector also known as the service sector is responsible for offering goods, products or services to the population , which in a large majority of cases of the secondary sector through the manipulation of the raw material generated in the primary sector, all with the intention of satisfying your needs.
Why tertiary sector is increasing?
Tertiary sector is growing rapidly because: (i) India’s economy is growing fast . Several services like hospital, educational institutions,post, telegraph, police, courts, municipality, transport, banks, insurance etc are needed.
What is the role of tertiary sector for development?
i) The tertiary sector provides the basic services like public transportation, medical car, electricity ,banking, post office etc under the control of the govt. ii) The tertiary sector creates an huge area for employment even for uneducated and unskilled workers .
What are the importance of primary secondary and tertiary sector?
Primary sector includes those activities which lead to the production of goods by utilisation of natural resources Secondary sector includes those activities, which result in transformation of natural products into other forms by manufacturing Tertiary sector includes those activities that help in the development of ...
What is the role of tertiary sector in Indian economy?
Tertiary Sector/Service Sector. This sector’s activities help in the development of the primary and secondary sectors . By itself, economic activities in tertiary sector do not produce a goods but they are an aid or a support for the production. Goods transported by trucks or trains, banking, insurance, finance etc.
Why secondary sector is important?
(i) The Secondary sector contributes more than 20% to the GDP of India. (ii) It provides employment to the people . (iii) It provides goods to the people like cloth, sugarcane, iron and steel. (iv) The Secondary sector promotes the development of the Primary and the Tertiary sectors.
Which is called tertiary sector?
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.
Is Apple a tertiary sector?
Apple is a secondary, tertiary and quaternary industry . Apple manufacture their own stock, they produce their goods and services at factories where they are made (secondary). ... The goods that make are useful transportation, most of their goods come with a GPS and internet(tertiary) .
Which of the following is tertiary sector?
Answer: Trade, transport, communication, banking, education, health, tourism, services, insurance etc . are included in the tertiary sector.
Is banking a tertiary sector?
The tertiary industry provides services , as well as operational frameworks for business operations. ... All services received from financial institutions, such as banks, and investment brokers, are tertiary in nature, as well.
