ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The service sector is now the largest sector of the global economy in terms of value-added and is especially important in more advanced economies.

Detailed explanation-2: -Developed economies are dominated by large industrial and service sectors because the major part of such a country’s national income is contributed by these sectors.

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: -Tertiary sector has become important in India because the demand for services such as transport, trade, storage will increase with the development of primary and secondary sectors. Other reason is the fact that the demand for tourism, shopping, private schools, private hospitals, etc.

Detailed explanation-5: -In the past 100 years, there has been a further shift from secondary to tertiary sector in developed countries. The service sector has become the most important in terms of total production.