Tertiary Sector: Services, Importance & Economic Impact
Tertiary Sector
Brings together education, health, safety, leisure, and transport.
Tertiary Today
Due to socio-economic changes in recent years, there has been an increase in service needs. This trend dominates the service sector and is unevenly distributed by:
- Level of development of countries
- Spatial distribution and density of the population
- Degree of wealth of the population
Classification of Activities
Services to People
Activities that satisfy people’s needs and attend to basic needs such as education,
Read MoreIntroduction to Marketing Concepts and Strategies
Relationship Marketing
Relationship marketing seeks to forge long-term, mutually agreeable relationships between key parties to gain and retain their preference and long-term purchases.
Network Marketing
Network marketing involves the company and stakeholders who support it, along with those who have established mutually beneficial business relationships.
Marketing Channels
To reach a target market, marketers use three marketing channel types:
- Communication channels: To deliver messages to target buyers
Entrepreneurship and Business Creation: A Guide
1. Entrepreneurship and Business Culture
1.1. Self-Employment
Amidst social and economic changes, company creation is becoming a driving force in employment generation. Traditional labor relations are transforming due to high unemployment and declining public employment. Outsourcing is increasingly common in large companies.
Promoting entrepreneurship is considered key for economic growth. Self-employment offers entry into the labor market and contributes to a stronger economy. It influences business
Read MoreComprehensive Guide to Microeconomics: From PPC to Isoquants
Production Possibility Curve (PPC) or Production Possibility Frontier (PPF)
PPC or PPF shows the various combinations of two commodities that can be produced with the latest technology available and within given resources utilized fully and efficiently.
Assumptions
- Only 2 commodities
- Latest technology
- Fuller utilization of resources
Features of Production Possibility Curve
- PPC slopes downward: Production of one good can be increased only after sacrificing the production of some quantity of the other good.
Comprehensive Guide to Microeconomics: From PPC to Isoquants
Production Possibility Curve (PPC) or Production Possibility Frontier (PPF)
PPC or PPF shows the various combinations of two commodities that can be produced with the latest technology available and within given resources utilized fully and efficiently.
Assumptions
- Only 2 commodities
- Latest technology
- Fuller utilization of resources
Features of Production Possibility Curve
- PPC slopes downward: Production of one good can be increased only after sacrificing the production of some quantity of the other good.
Comprehensive Guide to Microeconomics: From PPC to Isoquants
Production Possibility Curve (PPC) or Production Possibility Frontier (PPF)
PPC or PPF shows the various combinations of two commodities that can be produced with the latest technology available and within given resources utilized fully and efficiently.
Assumptions
- Only 2 commodities
- Latest technology
- Fuller utilization of resources
Features of Production Possibility Curve
- PPC slopes downward: Production of one good can be increased only after sacrificing the production of some quantity of the other good.