What is tertiary industry?

The tertiary sector of the economy is the service industry. This sector provides services to the general population and to businesses. Activities associated with this sector include retail and wholesale sales, transportation and distribution, entertainment (movies, television, radio, music, theatre, etc.), restaurants, clerical services, media, tourism, insurance, banking, healthcare, and law.

In most developed and developing countries, a growing proportion of workers are devoted to the tertiary sector. In the U.S., more than 80% of the labour forces are tertiary workers.

Tertiary Industries enable consumers to obtain and use the finished goods. Workers in the tertiary part of the economy provide services rather than goods. Sales, repair services, banking, and insurance are all part of the tertiary industry.  People who work in the tertiary sector include workers in the tourism and hospitality industry, doctors, couriers, and business consultants. Some tertiary industries have close ties with the primary and secondary industries. As an example, fishermen rely on the weather forecasters to determine what the weather conditions will be like. Tertiary Industries prosper where there is a large group of people that is where they get the most business. Many people need tertiary industries for there every day life. In PEI, since the 1950’s tertiary industries have become extremely important and have been growing steadily. Tertiary Industries are most of the time grouped with Quaternary Industries because of their similarities. Some people may get them confused, although Quaternary Industries and Tertiary Industries both don’t produce goods but provide services, Tertiary Industries focus on broader subjects. Only the Tertiary Industries provide services, other than goods, although sometimes the Quaternary sector does it sometimes, they don’t all the time. In 1993, 70.5% of labour forces were hired in the Tertiary sector of the economy. On PEI, tourism and hospitality industries are very common because of attractions around the island.

In the past:

Tertiary industry serviced the needs of the secondary and primary industries.

Right now:

Massive growth in information-based services, hospitality, tourism and personal services. `Post-industrial economy’ is the term used to describe the expansion of service industries as the major area of economic activity and employment.

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