What is the Tertiary Sector

What is the Tertiary Sector?

Answer: Tertiary sector, also known as the service sector, is the third and final economic sector in the economic triad. The tertiary sector provides services such as financial services, information technology, insurance, transportation, and retail. The sector also includes businesses that provide healthcare, education, social services, entertainment, and tourism. The tertiary sector is the largest sector in the world economy. It includes all of the retail, transportation, tourism, and financial sectors.

When it comes to selling services, service providers have challenges that goods-sellers do not. Services are intangible, it’s tough for potential clients to know what they’ll get and how valuable it will be to them. Indeed, certain professionals, such as consultants and financial service providers, provide no guarantees about the value for money they charge. The quality of most services is largely determined by the quality of the people who provide them, “people costs” account for a significant portion of service costs.

While a manufacturer may employ technology, simplicity, and other methods to reduce the cost of things supplied, service providers frequently face an unbroken pattern of rising expenses.