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Encyclopedia > Tertiary sector of industry

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The tertiary sector of industry (also known as the service sector or the service industry) is one of the three main industrial categories of a developed economy, the others being the secondary industry (manufacturing), and primary industry (extraction such as mining, agriculture and fishing). Services are defined in conventional economic literature as "intangible goods". According to some economists, the service sector tends to be wealth consuming, whereas manufacturing is wealth producing.[1] Sir Keith Joseph in his lecture Monetarism IS Not Enough, contrasted wealth producing sectors in an economy such as manufacturing with the service sector which tends to be a wealth consuming sector. He contended that an economy declines as its wealth producing sector begins to shrink. [2] Image File history File links Portal. ... The secondary sector of industry is the manufacturing sector of industry. ... Manufacturing, a branch of industry, is the application of tools and a processing medium to the transformation of raw materials into finished goods for sale. ... The primary sector of industry generally involves the conversion of natural resources into primary products. ... This article is about mineral extraction. ... Fishing is the activity of hunting for fish by hooking, trapping, or gathering. ... Economists are scholars conducting research in the field of economics. ... Wikibooks has more about this subject: Marketing In economics and marketing, a service is the non-material equivalent of a good. ... Manufacturing, a branch of industry, is the application of tools and a processing medium to the transformation of raw materials into finished goods for sale. ... Keith Sinjohn Joseph, Baron Joseph, Bt, CH , PC (17 January 1918–10 December 1994) was a British barrister, politician, and Conservative Cabinet Minister under three different Ministries. ... Manufacturing, a branch of industry, is the application of tools and a processing medium to the transformation of raw materials into finished goods for sale. ...


The tertiary sector of industry involves the provision of services to businesses as well as final consumers. Services may involve the transport, distribution and sale of goods from producer to a consumer as may happen in wholesaling and retailing, or may involve the provision of a service, such as in pest control or entertainment. Goods may be transformed in the process of providing a service, as happens in the restaurant industry. However, the focus is on people interacting with people and serving the customer rather than transforming physical goods. Since the 1960s, there has been a substantial shift from the other two industry sectors to the Tertiary Sector in industrialised countries. The service sector consists of the "soft" parts of the economy such as insurance, government, tourism, banking, retail and education. In soft sector employment, people use time to deploy knowledge assets, collaboration assets, and process-engagement to create productivity (effectiveness), performance improvement potential (potential) and sustainability. Typically the output of this time is content (information), service, attention, advice, experiences, and/or discussion (also known as "intangible goods"). Other examples of service sector employment include: Wikibooks has more about this subject: Marketing Distribution is one of the four aspects of marketing. ... In commerce, a wholesaler buys goods in large quantities from their manufacturers or importers, and then sells smaller quantities to retailers, who in turn sell to the general public. ... A drawing of a self-service store Retailing consists of the sale of goods/merchandise for personal or household consumption either from a fixed location such as a department store or kiosk, or away from a fixed location and related subordinated services (Definition of the WTO (last page). ... Pest control refers to the regulation or management of another species defined as a pest, usually because it is detrimental to a persons health, the ecology or the economy. ... A stilt-walker entertaining shoppers at a shopping centre in Swindon, England Entertainment is an event, performance, or activity designed to give pleasure or relaxation to an audience (although, for example, in the case of a computer game the audience may be only one person). ... Toms Restaurant, a restaurant in New York made familiar by Suzanne Vega and the television sitcom Seinfeld A restaurant is an establishment that serves prepared food and beverages to order, to be consumed on the premises. ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ... Tourists on Oʻahu, Hawaii Tourism is travel for predominantly recreational or leisure purposes, and also refers to the provision of services in support of this act. ... For other uses, see Bank (disambiguation). ... Drawing of a self-service store. ...

Public utilities are often considered part of the tertiary sector as they provide services to people, while creating the utility's infrastructure is often considered part of the secondary sector, even though the same business may be involved in both aspects of the operation. Franchising (from the French for honesty[citation needed]) is a method of doing business wherein a franchisor licenses trademarks and tried and proven methods of doing business to a franchisee in exchange for a recurring payment, and usually a percentage piece of gross sales or gross profits as well as... A typical restaurant in uptown Manhattan A restaurant is an establishment that serves prepared food and beverages to be consumed on the premises. ... A drawing of a self-service store Retailing consists of the sale of goods/merchandise for personal or household consumption either from a fixed location such as a department store or kiosk, or away from a fixed location and related subordinated services (Definition of the WTO (last page). ... A stilt-walker entertaining shoppers at a shopping centre in Swindon, England Entertainment is an event, performance, or activity designed to give pleasure or relaxation to an audience (although, for example, in the case of a computer game the audience may be only one person). ... The record industry is the part of the music industry that earns profit by selling sound recordings of music. ... The music industry is the industry that creates, performs, promotes, and preserves music. ... Film is a term that encompasses individual motion pictures, the field of film as an art form, and the motion picture industry. ... News media satellite up-link trucks and photojournalists gathered outside the Prudential Financial headquarters in Newark, New Jersey in August, 2004 following the announcement of evidence of a terrorist threat to it and to buildings in New York City. ... The development of concepts like the eight-hour day and the limited working week has meant that modern industrial mankind has increasingly the need to occupy itself outside sleep and work. ... A hotel is an establishment that provides lodging, usually on a short-term basis. ... Management consulting (sometimes also called strategy consulting) refers to both the practice of helping companies to improve performance through analysis of existing business problems and development of future plans, as well as to the firms that specialize in this sort of consulting. ... Health care or healthcare is one of the worlds largest and fastest growing professions. ... A hospital today is an institution for professional health care provided by physicians and nurses. ... A public utility is a company that maintains the infrastructure for a public service. ...

GDP Composition By Sector and Labour Force By Occupation
GDP Composition By Sector and Labour Force By Occupation

Economies tend to follow a developmental progression that takes them from a heavy reliance on agriculture and mining, toward the development of industry (e.g. automobiles, textiles, shipbuilding, steel) and finally toward a more service based structure. Whereas the first economy to follow this path in the modern world was the United Kingdom, the speed at which other economies have later made the transition to service-based, sometimes called post-industrial, has accelerated over time. Image File history File links Download high-resolution version (1357x1256, 89 KB) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Industry Tertiary sector of industry Service economy User:Safalra ... Image File history File links Download high-resolution version (1357x1256, 89 KB) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Industry Tertiary sector of industry Service economy User:Safalra ...


The term service economy, in contrast, refers to a model wherein as much economic activity as possible is treated as a service. For example IBM treats its business as a service business. Although it still manufactures high-end computers, it sees the physical goods as a small part of the "business solutions" industry. They have found that the price elasticity of demand for "business solutions" is much less elastic than for hardware. There has been a corresponding shift to a subscription pricing model. Rather than receiving a single payment for a piece of manufactured equipment,many manufacturers are now receiving a steady stream of revenue for ongoing contracts. Service economy can refer to one or both of two recent economic developments. ... The subscription business model is a business model that has long been used by magazines and record clubs, but the application of this model is spreading. ...


Manufacturing tends to be more open to international trade and competition than services. As a result, there has been a tendency for the first economies to industrialize to come under competitive attack by those seeking to industrialize later, e.g. because production, especially labour, costs are lower in those industrializing later. The resultant shrinkage of manufacturing in the leading economies might explain their growing reliance on the service sector. International trade is the exchange of goods and services across international boundaries or territories. ... In classical economics and all micro-economics labour is a measure of the work done by human beings and is one of three factors of production, the others being land and capital. ...


Issues for service providers

Service providers face obstacles selling services that goods-sellers rarely face. Services are not tangible, making it difficult for potential customers to understand what they will receive and what value it will hold for them. Indeed some, such as consulting and investment services, offer no guarantees of the value for price paid. Management consulting (sometimes also called strategy consulting) refers to both the practice of helping companies to improve performance through analysis of existing business problems and development of future plans, as well as to the firms that specialize in this sort of consulting. ... Invest redirects here. ...


Since the quality of most services depends largely on the quality of the individuals providing the services, it is true that "people costs" are a high component of service costs. Whereas a manufacturer may use technology, simplification, and other techniques to lower the cost of goods sold, the service provider often faces an unrelenting pattern of increasing costs.


Differentiation is often difficult. How does one choose one investment advisor over another, since they (and hotel providers, leisure companies, consultants, and others) often seem to provide identical services? Charging a premium for services is usually an option only for the most established firms, who charge extra based upon brand


See also

The primary sector of industry generally involves the changing process of natural resources into primary products. ... The secondary sector of industry includes those economic sectors that create a finished, usable product: manufacturing and construction. ... This box:  • • The Quaternary sector of industry is the sector of industry that involves the intellectual services. ... The three-sector hypothesis is an economic theory which divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and services (tertiary). ... An industrial policy is any government regulation or law that encourages the ongoing operation of, or investment in, a particular industry. ...

References

  1. ^ David Friedman, New America Foundation (2002-06-16). No Light at the End of the Tunnel Los Angeles Times.
  2. ^ Sir Keith Joseph, Center for Policy Studies (1976-04-05).Stockton Lecture, Monetarism Is Not Enough, with forward by Margaret Thatcher. (Barry Rose Pub.) Margaret Thatcher Foundation (2006).

  Results from FactBites:
 
Tertiary sector of industry - Biocrawler (668 words)
The tertiary sector of industry, also called the service sector or the service industry, is one of the three main industrial categories of a developed economy, the others being the secondary industry (manufacturing and primary goods production such as agriculture), and primary industry (extraction such as mining and fishing).
The service sector consists of the "soft" parts of the economy such as insurance, tourism, banking, retail and education.
Public utilities are often considered part of the tertiary sector as they provide services to people, while creating the utility's infrastructure is often considered part of the secondary sector, even though the same business may be involved in both aspects of the operation.
  More results at FactBites »

 
 

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