ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Quaternary activities are specialized tertiary activities in the ‘Knowledge Sector’ which demands a separate classification. There has been a very high growth in demand for and consumption of information-based services from mutual fund managers to tax consultants, software developers and statisticians.

Detailed explanation-2: -In tertiary sectors, we have services for business and consumers and wholesale trade. In quaternary sectors, we have skills for processing information (as in IT services) as well as e-commerce. And in quinary sectors, we have domestic services once done by people in their home, like daycare, elder care, etc.

Detailed explanation-3: -The tertiary sector covers a wide range of activities from commerce to administration, transport, financial and real estate activities, business and personal services, education, health and social work.

Detailed explanation-4: -The quinary sector represents the highest level of decision-makers who establish policy guidelines in policymaking. In contrast, the quaternary sector is part of the tertiary sector of the economy, which is knowledge-based. The quinary sector does not allow for the entire outsourcing of services.