Economics Chapter 6: Types of Services

The main sectors of economic activity are primary, secondary, and tertiary. In developed economies, the majority of workers are employed in the tertiary sector, while a moderate proportion is employed in the secondary sector. In contrast, in developing economies, a larger proportion of people work in the primary sector.

Tertiary activities involve the production of intangible services, which are consumed and indirectly measured in terms of wages and salaries. In contrast, primary and secondary activities involve the production of tangible goods, which are directly measured in terms of quantity and value.

Manpower is a crucial component of the service sector, as most tertiary activities are performed by skilled labor, professionally trained experts, and consultants. The quality and availability of manpower determine the effectiveness of tertiary activities.

<p>Exchange involves trade, transport, and communication facilities that overcome distance, while production involves the provision of services that are consumed. Both exchange and production are essential components of tertiary activities, which drive economic growth and development.</p> Signup and view all the answers

<p>Examples of professionals who provide services in exchange for payment include doctors, teachers, lawyers, and consultants. These professionals provide essential services that contribute to the economy by improving health, education, and governance outcomes.</p> Signup and view all the answers

<p>Tertiary activities involve the commercial output of services, which are intangible and consumed. This output is essential for driving economic growth and development, particularly in the service sector.</p> Signup and view all the answers

<p>Distance, in terms of time or cost</p> Signup and view all the answers

<p>To join places equal in terms of the time taken to reach them</p> Signup and view all the answers

<p>A node is the meeting point of two or more routes, while a link is a road that joins two nodes</p> Signup and view all the answers

<p>To enable retailers to operate largely on the wholesaler's capital</p> Signup and view all the answers

<p>By increasing the value of goods at every stage of production, distribution, and consumption</p> Signup and view all the answers

<p>Population size, location of cities, pattern of trade, nature of the landscape, type of climate, and funds available for overcoming obstacles</p> Signup and view all the answers

<p>It has made communication dependent on means of transport</p> Signup and view all the answers

<p>It has revolutionized communications by enabling rapid transmission of messages</p> Signup and view all the answers

<p>It has truly revolutionized the global communication system</p> Signup and view all the answers

<p>They occur at many different levels</p> Signup and view all the answers

<p>Tertiary activities are services that rely on specialized skills, experience, and knowledge of workers, unlike secondary activities which rely on production techniques, machinery, and factory processes.</p> Signup and view all the answers

<p>The main purpose of trade is to buy and sell items produced elsewhere, with the intention of making a profit.</p> Signup and view all the answers

<p>Rural marketing centres cater to nearby settlements, are quasi-urban, and have limited personal and professional services, whereas urban marketing centres have more specialized urban services and provide a wide range of goods and services.</p> Signup and view all the answers

<p>Periodic markets are held at different temporal intervals, usually weekly or bi-weekly, where people from surrounding areas meet their temporally accumulated demand.</p> Signup and view all the answers

<p>Retail trading is the sale of goods directly to consumers, whereas wholesale trading is the sale of goods in bulk to retailers or other intermediaries.</p> Signup and view all the answers

<p>Examples of non-store retail trading include street peddling, handcarts, trucks, door-to-door, mail-order, telephone, automatic vending machines, and internet.</p> Signup and view all the answers

<p>Departmental stores delegate the responsibility and authority to departmental heads for purchasing of commodities and overseeing the sale in different sections of the stores.</p> Signup and view all the answers

<p>Chain stores purchase merchandise economically, often directing the goods to be manufactured to their specification, and employ highly skilled specialists in many executive tasks.</p> Signup and view all the answers

<p>Urban marketing centres have widely specialized urban services, providing ordinary goods and services as well as specialized goods and services, including markets for labor, housing, and semi-finished products.</p> Signup and view all the answers

<p>Trading centres have evolved from local barter to international trade, producing many institutions and centres, and facilitating the exchange of goods and services.</p> Signup and view all the answers

<p>Industry, people, and both industry and people.</p> Signup and view all the answers

<p>Low-order services are more common and widespread, while high-order services are more specialized.</p> Signup and view all the answers

<p>Supervising and controlling the marketing of services such as transport, telecommunication, energy, and water supply.</p> Signup and view all the answers

<p>The location depends on the market.</p> Signup and view all the answers

<p>To facilitate daily life.</p> Signup and view all the answers

<p>Increasing.</p> Signup and view all the answers

<p>Tourism.</p> Signup and view all the answers

<p>The Mediterranean climate offers consistently higher temperatures, long hours of sunshine, and low rainfall throughout the peak holiday season.</p> Signup and view all the answers

<p>Services like accommodation, meals, transport, entertainment, and special shops serving tourists.</p> Signup and view all the answers

<p>They are often located in scenic landscapes, national parks, and historic towns.</p> Signup and view all the answers

<p>history and art, culture and economy</p> Signup and view all the answers

<p>medical tourism, India</p> Signup and view all the answers

<p>quaternary activities, collection, production, and dissemination of information or production of information</p> Signup and view all the answers

<p>quaternary involves information, quinary involves creation, re-arrangement and interpretation of new and existing ideas</p> Signup and view all the answers

<p>outsourcing, improving quality or providing specialized care</p> Signup and view all the answers

<p>abundant benefits, such as economic growth and development</p> Signup and view all the answers

<p>knowledge processing outsourcing (KPO)</p> Signup and view all the answers

<p>Outsourcing may lead to dissatisfaction among job seekers in the countries that outsource jobs.</p> Signup and view all the answers

<p>home shoring</p> Signup and view all the answers

<p>BPOs have better business opportunities as compared to KPOs.</p> Signup and view all the answers

<p>comparative advantage</p> Signup and view all the answers

<p>Quaternary services involve specialized knowledge and high-value services, contributing to the economy through high-value job creation and innovation.</p> Signup and view all the answers

<p>creation of new jobs and reduction of migration</p> Signup and view all the answers

<p>The digital divide can lead to unequal access to opportunities and resources, hindering economic development.</p> Signup and view all the answers

<p>Transport and communication services facilitate the exchange of goods and services, enabling economic growth and development.</p> Signup and view all the answers

<p>Retail trading services provide goods and services to consumers, contributing to economic development through job creation and GDP growth.</p> Signup and view all the answers

<p>KPO (Knowledge Process Outsourcing) enables companies to create additional business opportunities. Examples of KPOs include research and development (R and D) activities, e-learning, business research, intellectual property (IP) research, legal profession, and the banking sector.</p> Signup and view all the answers

<p>The Quaternary Sector, along with the Tertiary Sector, has replaced most of the primary and secondary employment as the basis for economic growth. Over half of all workers in developed economies are in the ‘Knowledge Sector’.</p> Signup and view all the answers

<p>Outsourcing is giving work to an outside agency to improve efficiency and reduce costs. Examples of business activities that are commonly outsourced include information technology (IT), human resources, customer support, and call centre services.</p> Signup and view all the answers

<p>The digital divide refers to the uneven distribution of opportunities emerging from the Information and Communication Technology (ICT) based development across the globe. It has led to wide ranging economic, political, and social differences among countries.</p> Signup and view all the answers

<p>The colour 'White' is associated with the nature of work in the Knowledge Sector, which involves knowledge-intensive activities.</p> Signup and view all the answers

<p>Quaternary activities are high-level knowledge-based activities that involve innovation and intellectual capabilities. They differ from tertiary activities in terms of the level of knowledge and expertise required.</p> Signup and view all the answers

<p>Off-shoring refers to the practice of outsourcing work to overseas locations. Its advantages include lower wages and overhead costs, making it profitable for companies to outsource work.</p> Signup and view all the answers

<p>The digital divide within countries has significant implications for economic development, social inequality, and access to information. It can be addressed by providing equal access to ICT infrastructure and services to all citizens.</p> Signup and view all the answers

<p>The Quaternary Sector provides most of the employment in developed economies, and it is dominated by jobs that involve high degrees and levels of innovation, such as software developers, statisticians, and tax consultants.</p> Signup and view all the answers

<p>KPO (Knowledge Process Outsourcing) is a type of outsourcing that involves giving knowledge-intensive work to outside agencies. It benefits companies by improving efficiency and reducing costs, and enables them to create additional business opportunities.</p> Signup and view all the answers