What are tertiary economic activities? In general, tertiary economic activity is the activity of providing a range of services and products to consumers at a lower cost than those provided by mainstream market participants. It can also be an investment activity in the research and development of new services and products that have not yet been made available through mainstream production. tertiary economic activity covers the production of non-end-products that fulfill the human needs rather than the needs of other human participants.
The major types of tertiary economic activities covered by this article include retail therapy, administrative services, environmental consulting, and education. These are all important services sectors that require specialization to provide distinctiveness to the offering. The first two segments have the least barriers to entry for small businesses. tertiary sector descriptions in this article have been adapted from the secondary schools curriculum and are therefore not intended to be used as a reference for learning purposes.
As part of tertiary economic activity, a company can choose to become a primary economic activity rather than a secondary economic activity. In this case, the company would specialize in a specific service and then offer it to the public. A prime example of such an organization is a hospital. The hospital can become a primary economic activity if it undertakes research in its field and then offers the research services to a third party. This allows the hospital to function as both a hospital and an information technology institution at the same time. tertiary sector descriptions in this article have been adapted from the secondary schools curriculum and are therefore not intended to be used as a reference for learning purposes.
The scope of tertiary economic activities is much wider than the primary sector. In this case, it includes such things as marketing of products and services, sales of the products and services produced by companies, provision of infrastructure facilities, and so on. A primary economic sector refers to the activities performed by the government or by bodies established by the government.
As mentioned above, tertiary economic activities may be either primary or secondary. A primary economic activity is one that has been established primarily for the purpose of generating income. Primary economic activities involved in tertiary economic activity may include such things as the production of electricity, construction of infrastructure, production of fuel, manufacture of medicine and food, and so on. These activities may also include secondary economic activities such as maintenance and treatment of the sick, distribution of food and other resources, the training of workers, and the promotion of products and services.
The basic difference between primary and tertiary economic activities is that primary activities involve the use of physical tools and are therefore considered to be primary economic activities. On the other hand, the primary activities associated with tertiary economic activity are performed with technology. Thus, an iron ore mining company may engage in primary activities such as drilling for and extracting, iron ore, . . . . . . while the tertiary activity involved in this company's activity will be that of mining and refining the iron ore into a form in which the metal can be used in making steel. Thus, in the case of such a mining company, the primary activity will be mining (the extraction), while the secondary activity, which will be the process of refining the iron ore and transforming it into steel, is considered as the tertiary activity.