Question: What Are The Advantages Of Tertiary Sector?

Why insurance is known as tertiary industry?

tertiary industry are those industry which provide services rather than producing good or article .

insurance is tertiary industry as it provides us the guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium..

What is the difference between tertiary and quaternary sector?

The tertiary sector of the economy is the service industry. Provides services to the general population. … The quaternary sector of the economy consists of intellectual activities. eg: libraries, scientific research, education, and information technology.

What are examples of tertiary sector?

Tertiary sectorthe market services sector (trade, transports, financial operations, business services, personal services, accommodation and food service activities, real estate, information-communication);the non-market sector (public administration, education, human health, social work activities).

What are the main components of tertiary sector?

What are the main components of tertiary sectorGovernment service.Education service.Health service. Entertainment service.Hotels and Restaurants.Retail. This conversation is already closed by Expert.

Why is the tertiary sector the most important?

Tertiary sector has become important in India because : (ii) Demand for services such as transport, trade, storage will increase with the development of primary and secondary sectors. (iii) Demand for tourism, shopping, private schools, private hospitals, etc. increases with the increase in the level of income.

What is tertiary job?

Tertiary jobs involve providing a service e.g. teaching and nursing. Quaternary jobs involve research and development e.g. IT. Employment Structures. Employment structure means how the workforce is divided up between the three main employment sectors – primary, secondary and tertiary.

Are banks tertiary?

Traditional hospitality industries, such as hotels and resorts, are a part of the tertiary industry, too, as are food service providers, such as restaurants. All services received from financial institutions (FIs), such as banks, and investment brokers, are tertiary in nature, as well.

What are the advantages of service sector?

The Benefits of Working in the Service IndustryEasy to Start Up. Starting a business in the service industry is relatively easy in comparison to other business industry types. … No Inventory. … Flexible Hours. … Expert Status. … Jobs During Difficult Economic Times. … Teaches Discipline and Hard Work. … Provides Entrepreneurial Opportunities.

What are the reasons for the growth of tertiary sector?

Reasons for growth of the tertiary sectorImproved labour productivity. A key factor behind tertiarisation is improved labour productivity. … Globalisation. … Income elasticity of demand. … Rising real incomes/ wages.More leisure time.Technology.Related.

Why is the quaternary sector important?

Companies invest in the quaternary sector to promote further expansion. … To many industries, such as the pharmaceutical industry, the sector is the most valuable because it creates future secondary-sector branded products from which companies may profit.

Why is banking called tertiary industry?

Answer. Banking provide services of finance and other services to construction industries. That’s why Banking is called tertiary industry and construction is secondary industry. It is a tertiary industry because it promote and help in development of the secondary industry.

Why service sector is growing very fast?

Rising Demand for Services Demand for services is on the rise with a stable middle class and growth in upper-income families. A sector of the economy becoming less concerned about material needs. In the consumer sector, this leads to increasing demand for services such as health, education and entertainment.

What are the features of tertiary sector?

Explain any five features of tertiary sectorTertiary activities provide support to the primary and secondary sectors through services. … It do not produce goods while other two sectors perform production.tertiary sector includes new services based on information technology but other two sectors do not.It act as aid or help for production process.

Is insurance a tertiary industry?

Solution : Because insurance provides facility of removing hindrance of risk of loss or damage of goods due to theft , fire , accidents , etc.

Which part of tertiary sector is growing in importance?

Only a small section of service sector employees high-skilled and educated workers. This part of tertiary sector is gaining more importance. 2. On the other hand as large number of small service sectors are booming which employs a large number of workers such as shopkeeper repair person etc.