2. Economic activities are broadly grouped into primary, secondary, tertiary activities. Definition of tertiary sector in the Definitions.net dictionary. How to use tertiary in a sentence. The tertiary sector of the economy is the service industry. It is sometimes hard to define whether a given company is part and parcel of the secondary or tertiary sector. Service sector growing from 50% of GVA in 1970 to 78% in 2010. Let us first understand the differences between the different sectors of the economy, so that … Quaternary Economy. Service companies do not provide a physical good like the primary or secondary sectors, but they still provide value. The tertiary sector of the economy (also known as the service sector or the service industry) is one of the three economic sectors, the others being the secondary sector (approximately the same as manufacturing) and the primary sector (agriculture, fishing, and extraction such as mining).. The Quaternary sector is an improved form of tertiary sector as it involves the services related to the knowledge sector, which includes the demand for the information- based services like taking the consultancy from tax managers, statisticians and software developers. What does tertiary sector mean? The service sector consists of the "soft" parts of the economy, i.e. Higher services under tertiary activities are again classified into quaternary and quinary activities. Tertiary Sector . Meaning of tertiary sector. Reasons for growth of the tertiary sector. Learn more. The tertiary sector is focused on tertiary production, which is commercial services that work to provide support to distribution and production processes such as warehousing, transport services, insurance services, teaching, health care and advertising services. The tertiary sector of the economy is also known as the service industry. Difficulty of definition. This sector sells the goods produced by the secondary sector and provides commercial services to both the general population and to businesses in all five economic sectors. Human activities which generate income are known as economic activities. These services include banking , transport , communication , storage facility for goods. For example, banks, insurance and the police all are examples of the service industry. Improved labour productivity. 1. Tertiary sector is also called as the Service Sector. A growing service sector is usually a sign of increased living standards – it enables consumers to enjoy more leisure based service activities, such as tourism, sport and restaurants. Service sector also known as tertiary sector includes all branches of human activity whose core is to provide services, thus providing a work, knowledge, financial resources, infrastructure, goods or their combination.. Other sectors of economy:. It provides services to the primary and secondary sectors. Tertiary definition is - of third rank, importance, or value. Information and translations of tertiary sector in the most comprehensive dictionary definitions resource on the web. What are the sectors of the economy? Primary, secondary and tertiary sectors There are three main types of industry in which firms operate. the tertiary sector meaning: 1. businesses that provide services but do not make anything, for example banks and shops 2….