Thursday 27 March 2014

Tertiary Industry

Tertiary Industries are the industries which provides us with services for example:transport,
banking,finance,remittances. The tertiary sector of the economy (also known as the service sector or the service industry) is one of the three economic sectors, the others being the secondary sector(approximately the same as manufacturing) and the primary 




sector (agriculturefishing, and extraction such as mining).The tertiary sector of industry involves the provision of services to other businesses as well as final consumers. Services may involve the transportdistribution 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. The goods may be transformed in the process of providing the 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.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.The tertiary industry is one of three industry types in a developed economy, the other two being the primary (raw materials) and secondary (goods production) industries. As an economy becomes more developed, it will shift its focus from primary to secondary and tertiary industries. 
The tertiary industry is split into two main categories. The first is made up of companies that are in the business of making money, such as those in the financial industry. The second comprises the non-profit segment, which includes services such as state education.

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