ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-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: -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.