The tertiary sector, often called the service sector, supplies businesses and customers with the manufactured products and services. Therefore, any business that does not extract or manufacture products falls in this category. There are various businesses involved in this sector including the following:
- Retail shops and outlets
- Accommodation service providers
- Communication services - mobiles, land, internet connections
- Financial services - banks, insurers, building societies
- Transportation - buses, airlines, trains, coaches, ferry companies
- Education
- Public administration - local and central government
This sector is very large and employs around 3/4 of the total workforce in the UK. Major employers in this sector include:
- Healthcare
- Banking
- Tourism
- Retail
- Education
The trend for high employment in this sector is matched by most developed nations. It is important to note that due to technological development and efficient production, plus a decline in the manufacturing sector due to business closures, there has been a rapid rise in the tertiary sector in recent decades.
The Service Sector
This sector is responsible for providing intangible products and services including knowledge, skills and expertise. It does not provide physical products to any other sector or end-user. Information services, experience and advice are all provided by the service sector.
As a country develops, it increases it's tertiary sector workforce. This is because as technology, mechanisation and various drives to enhance efficiency in the primary sector are taken, there will be a decline in the need for human effort. Hence, growth opportunities in the tertiary sector become apparent.
The Quaternary Sector
For a long time, the quaternary sector has been categorised as a part of the tertiary sector, however it's becoming more distinguishable as a sector in its own right.
It's associated with information technology, high-tech industry and science industry. Research, Information services, consultancy and development are all part of this sector.
The major purpose of this sector is paving the way for groundbreaking and cutting edge advancement and development in businesses due to the high levels of competition. As enterprises become more innovative and competitive, this sector has to continually create opportunities for enhancement opportunities in order to help businesses sustain their competitive advantage and meet the evolving needs of customers and businesses.
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