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Three sectors according to Fourastié Clark's sector model This figure illustrates the percentages of a country's economy made up by different sector. The figure illustrates that countries with higher levels of socio-economic development tend to have less of their economy made up of primary and secondary sectors and more emphasis in tertiary sectors.
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). The tertiary sector consists of the provision of services instead of end ...
Tertiary: involves the supplying of services to consumers and businesses, such as babysitting, cinemas or banking. Shopkeepers and accountants work in the tertiary sector. In the 20th century, economists began to suggest that traditional tertiary services could be further distinguished from "quaternary" and quinary service sectors.
The United States Census Bureau currently conducts a comprehensive Economic Census [1] every five years. The results of this survey are tabulated according to the NAICS and provide statistics about the U.S. economy.
This is necessitated by the demands of a tertiary and quaternary sector: in order to better service an industry focused on finance, education, communication, management, training, engineering, and aesthetic design, the city must become points of exchange capable of providing the most updated information from across the globe.
Industry classification or industry taxonomy is a type of economic taxonomy that classifies companies, organizations and traders into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.
Service industries are those not directly concerned with the production of physical goods (such as agriculture and manufacturing). Some service industries, including transportation , wholesale trade and retail trade are part of the supply chain delivering goods produced in the agricultural and manufacturing sectors to final consumers.
The presence of a large non-profit sector is sometimes seen as an indicator of a healthy economy in local and national financial measurements. [11] With a growing number of non-profit organizations focused on social services, the environment, education, and other unmet needs throughout society, the nonprofit sector is increasingly central to the health and well-being of society. [12]