Why tertiary sector is more important than primary and secondary sector?

Tertiary sector has become important in India because : (i) Basic services like hospitals, education, post and telegraph, courts, etc. (ii) Demand for services such as transport, trade, storage will increase with the development of primary and secondary sectors.

Why the tertiary sector has surpassed the secondary sector?

As an economy matures, the revenue and impact of each sector evolves with each sector surpassing the next, so at this stage of the economy, our tertiary sector has more impact on the health and performance of our economy than the primary or secondary sector. Secondary Sector is the most important sector of an economy.

Why tertiary sector paid more than primary sector?

A key factor behind tertiarisation is improved labour productivity. Better technology and improved labour productivity have enabled a higher output of manufactured goods and agriculture with less labour. This increased productivity has led to: Increased incomes of workers to spend on services.

Why is the tertiary sector the fastest growing sector?

Tertiary sector is growing rapidly because: (i) India’s economy is growing fast. Several services like hospital, educational institutions,post, telegraph, police, courts, municipality, transport, banks, insurance etc are needed.

Why is the tertiary sector the most important?

Importance of the tertiary sector : the tertiary sector provides basic services like public transportation, medical care, electricity, banking, post office, etc under the control of the govt. ii. the tertiary sector creates a huge area for employment even for uneducated and unskilled workers.

Why the importance of tertiary sector is increasing?

1)Tertiary sectors composes almost 50\% of Indian economy. 2)this sector accounts for most of the national & PCI. 3) it creates huge employment even for the uneducated and unskilled workers. 4) it is responsible to distribute its services and goods to different consumers.

Why tertiary sector is most important?

i) The tertiary sector provides the basic services like public transportation, medical car, electricity ,banking, post office etc under the control of the govt. ii) The tertiary sector creates an huge area for employment even for uneducated and unskilled workers.

Why tertiary sector is important sector?

Why is the tertiary sector becoming more important?

What are the advantages of tertiary sector?

One of the main advantages of the tertiary sector is that it has a much lower barrier to entry than starting a business that deals with physical products. For example, opening a manufacturing or retail business requires a large outlay of money that may take years to recoup.

Which sector has risen the most with the development of the tertiary sector?

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.

What is an example of a tertiary sector?

Examples of tertiary industries may include: Telecommunication. Hospitality industry/tourism. Mass media. Healthcare/hospitals. Public health. Pharmacy. Information technology. Waste disposal.

What are primary, secondary and tertiary activities?

The Primary, secondary and tertiary activities Are economic activities that generate income and are carried out by human beings. Primary activities are those that depend on the environment, as well as those that refer to the use of the resources of the planet Earth, such as water, vegetation, building materials, minerals and earth.

What are primary secondary and tershery industry?

What Are Primary, Secondary & Tertiary Economic Sectors? Primary Sector Extracts Raw Materials. The primary sector of the economy can be classified as the “extractive” industry. Secondary Sector Manufactures and Assembles Goods. Tertiary Sector Refers to Commercial Services. Understanding the Chain of Production.

What do you mean by tertiary sector?

Tertiary Sector: These are activities that help in the development of the primary and secondary sectors. These activities, by themselves, do not produce a good but they are an aid or a support for the production process. Four economic activities of this sector are – banking, transport, storage, communication etc.