ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -An economic activity takes place when resources such as capital goods, labour, manufacturing techniques or intermediary products are combined to produce specific goods or services. Thus, an economic activity is characterised by an input of resources, a production process and an output of products (goods or services).

Detailed explanation-3: -The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model (also known as the economic cycle). The others are the primary sector (raw materials) and the secondary sector (manufacturing).

Detailed explanation-4: -The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary).

Detailed explanation-5: -The tertiary industry sector makes up the vast majority of employment opportunities and is solely focused on providing services, not goods, to consumers and other organizations. For this reason, it is also known as the service sector.