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Services constitute over 50% of GDP in low income countries and as their economies continue to develop, the importance of services in the economy continues to grow. [2] The service economy is also key to growth, for instance it accounted for 47% of economic growth in sub-Saharan Africa over the period 2000–2005 (industry contributed 37% and ...
Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade. According to economic theory , consumption of goods and services is assumed to provide utility (satisfaction) to the consumer or end-user, although businesses also consume goods and services in the course of ...
It is sometimes hard to determine whether a given company is part of the secondary or the tertiary sector. It is not only companies that have been classified as part of a sector in some schemes, since governments and their services (such as the police or military), as well as nonprofit organizations (such as charities or research associations), can also be seen as part of that sector.
A value chain is a progression of activities that a business or firm performs in order to deliver goods and services of value to an end customer.The concept comes from the field of business management and was first described by Michael Porter in his 1985 best-seller, Competitive Advantage: Creating and Sustaining Superior Performance.
This is an accepted version of this page This is the latest accepted revision, reviewed on 30 September 2024. Economy whose gross national product or gross domestic product comes mainly from natural resources Not to be confused with Post-scarcity economies. Part of a series on Economic systems Major types Capitalism Socialism Communism By ideology Associative Capitalist Corporate Democratic ...
Economic activity in the hypothetical quaternary sector comprises information- and knowledge-based services, while quinary services include industries related to human services and hospitality. [ 2 ] Economic theories divide economic sectors further into economic industries .
Business services are a recognisable subset of economic services, and share their characteristics. The essential difference is that businesses are concerned about the building of service systems in order to deliver value to their customers and to act in the roles of service provider and service consumer.
Red Hat sells services such as 24/7 support, integration into company's products, and training. [11] Red Hat was the pioneer for the open source business model, and was valued at approximately $16 billion as of April 2017. [11] Other examples include Google, which created Android, an open-source mobile operating system based on Linux.