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The tertiary sector of industry, also called the service sector or the service industry, is one of the three main industrial categories of a developed economy, the others being the secondary industry (manufacturing and primary goods production such as agriculture), and primary industry (extraction such as mining and fishing). Manufacturing is the transformation of raw materials into finished goods for sale, or intermediate processes involving the production or finishing of semi-manufactures. ...
The El Chino Mine located near Silver City, New Mexico is an open-pit copper mine Mining is the extraction of valuable minerals or other geological materials from the earth, usually (but not always) from an ore body, vein, or (coal) seam. ...
Fishing is the activity of hunting for fish. ...
The tertiary sector of industry involves the provision of services to other businesses as well as final consumers. Services may involve the transport, distribution and sale of goods from producer to a consumer as may happen in wholesaling and retailing, or may involve the provision of a service, such as in tourism or entertainment. The goods may be transformed in the process of providing the service, as happens in the restaurant industry. There may not even be any goods involved, as in the sex industry. However the focus is on people interacting with people and serving the customer rather than transforming physical goods. For the last 20 years there has been a substantial shift from the other two industry sectors to the Tertiary Sector in industrialised countries. This page deals with mathematical distributions. ...
In commerce, a wholesaler buys goods in large quantities from their manufacturers or importers, and then sells smaller quantities to retailers, who in turn sell to the general public. ...
In commerce, a retailer buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells individual items or small quantities to the general public or end user customers, usually in a shop, also called store. ...
A tourist boat travels the River Seine in Paris, France Beaches make popular tourist resorts Tourist redirects here; for the album by Athlete, see Tourist (album) Tourism can be defined as the act of travel for the purpose of recreation, and the provision of services for this act. ...
Entertainment is an amusement or diversion intended to hold the attention of an audience or its participants. ...
Toms Diner, a restaurant in New York familiarized by Suzanne Vega and the television sitcom Seinfeld A restaurant is an establishment that serves prepared food and beverages to be consumed on the premises. ...
The sex industry is the industry formed of commercial enterprises which employ sex workers. ...
The service sector The service sector consists of the "soft" parts of the economy such as insurance, tourism, banking, retail and education. Others include: Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. ...
A tourist boat travels the River Seine in Paris, France Beaches make popular tourist resorts Tourist redirects here; for the album by Athlete, see Tourist (album) Tourism can be defined as the act of travel for the purpose of recreation, and the provision of services for this act. ...
For other uses, see Bank (disambiguation). ...
In commerce, a retailer buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells individual items or small quantities to the general public or end user customers, usually in a shop, also called store. ...
Public utilities are often considered part of the tertiary sector as they provide services to people, while creating the utility's infrastructure is often considered part of the secondary sector, even though the same business may be involved in both aspects of the operation. Franchising (from the French for free) is a method of doing business wherein a franchisor licenses trademarks and methods of doing business to a franchisee in exchange for a recurring royalty fee. ...
A typical restaurant in uptown Manhattan A restaurant is an establishment that serves prepared food and beverages to be consumed on the premises. ...
In commerce, a retailer buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells individual items or small quantities to the general public or end user customers, usually in a shop, also called store. ...
Entertainment is an amusement or diversion intended to hold the attention of an audience or its participants. ...
hi In the early years of the pornograph in the late 19th century, the music industry was dominated by the publishers of sheet music. ...
The music industry is the industry that creates, performs, promotes, and preserves music. ...
Film refers to the celluloid media on which movies are printed Film is a term that encompasses motion pictures as individual projects, as well as the field in general. ...
News is essentially new information or current events. ...
The development of concepts like the eight-hour day and the limited working week has meant that modern industrial mankind has increasingly the need to occupy itself outside sleep and work. ...
Health care or healthcare is one of the worlds largest and fastest growing professions. ...
Management consulting (sometimes also called strategy consulting) refers to both the practice of helping companies to improve performance through analysis of existing business problems and development of future plans, as well as to the firms that specialize in this sort of consulting. ...
Investment is a term with several closely-related meanings in finance and economics. ...
This article is about law in society. ...
A public utility is a company that maintains the infrastructure for a public service. ...
Economies tend to follow a developmental progression that takes them from a heavy reliance on agriculture, toward the development of industry (e.g. automobiles, textiles, shipbuilding, steel, mining) and finally toward a more service based structure. Whereas the first economy to follow this path in the modern world was the United Kingdom, the speed at which other economies have later made the transition to service-based, sometimes called post-industrial, has accelerated over time.
The term service economy, in contrast, refers to a model wherein as much economic activity as possible is treated as a service. For example IBM treats its business as a service business. Although it still manufactures high-end computers, it sees the physical goods as a small part of the "business solutions" industry. They have found that the price elasticity of demand for "business solutions" is much less elastic than for hardware. There has been a corresponding shift to a subscription pricing model. Rather than receiving a single payment for a piece of manufactured equipment,many manufacturers are now receiving a steady stream of revenue for ongoing contracts. Service economy can refer to one or both of two recent economic developments. ...
The subscription business model is a business model that has long been used by magazines and record clubs, but the application of this model is spreading. ...
Manufacturing tends to be more open to international trade and competition than services. As a result, there has been a tendency for the first economies to industrialize to come under competitive attack by those seeking to industrialize later, e.g. because production, especially labour, costs are lower in those industrializing later. The resultant shrinkage of manufacturing in the leading economies might explain their growing reliance on the service sector. International trade is the exchange of goods and services across international boundaries. ...
In classical economics and all micro-economics labour is one of four factors of production, the others being land, capital and enterprise. ...
Issues for service providers Service providers face obstacles selling services that goods-sellers rarely face. Services are not tangible, making it difficult for potential customers to understand what they will receive and what value it will hold for them. Indeed some, such as consulting and investment services, offer no guarantees of the value for price paid. Management consulting (sometimes also called strategy consulting) refers to both the practice of helping companies to improve performance through analysis of existing business problems and development of future plans, as well as to the firms that specialize in this sort of consulting. ...
Investment is a term with several closely-related meanings in finance and economics. ...
Since the quality of most services depends largely on the quality of the individuals providing the services, it is true that "people costs" are a high component of service costs. Whereas a manufacturer may use technology, simplification, and other techniques to lower the cost of goods sold, the service provider often faces an unrelenting pattern of increasing costs.
Differentiation is often difficult. How does one choose one investment advisor over another, since they (and hotel providers, leisure companies, consultants, and others) often seem to provide identical services? Charging a premium for services is usually an option only for the most established firms, who charge extra based upon brand recognition.
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