Tertiary Sector (What it is, Activities and Characteristics)

The economy of any country is segmented into economic sectors, according to their activity in question, they are classified into four types, the third sector is one of them, but what does it consist of?

The first thing to know is the concept of the economic sector, this is nothing more than a group of activities common and similar dedicated to satisfying certain requirements of society, all very well differentiated from others.

There is often talk of the existence of three sectorsHowever, currently four of them are recognized and, according to some authors, there may be five, these are:

What are the most important economic sectors

Primary sector

• It is the beginning of the productive activity since it is dedicated to the collection and extraction of raw Materials from natural resources, including agricultural, mining, livestock, fishing and similar activities

Secondary sector

• It is responsible for transforming the product of the primary sector and transforms it through industrial procedures, resulting in goods of consumption or semi-finished products destined to be processed by another industry resulting in finished goods destined for consumption of society, it is the industrial sector, faithfully represented by factories, food processors or companies Similar

Third sector

• It is the sector in charge of offering services and intangible goods to satisfy the needs of the consumer, it facilitates and organizes the production of the sectors that precede it.

Quaternary Sector

• It is responsible for producing more specialized services than those classified in the tertiary sector, they are non-mechanized services, specifically with respect to knowledge, information, research, innovation and development, which is why they are distinguished by being carried out by highly trained talent and with very knowledge specific

Quinary sector

• Some describe it as social services, others include domestic activities, and others as administrators product generated by the quaternary sector, however the majority still recognizes these activities as part of said sector

What is the Tertiary Sector?

As has been advanced and entering the subject, the third sector It is the group of economic activities in charge of producing services to meet the needs of a population and satisfy their requirements.

This is the reason why it is also known as the service sector, the development of these activities is a clear way to establish the degree of development of the economy of a country.

What are the main activities of the tertiary sector?

This sector is made up of several main activities, these are:

• Transport
• Communication
• Commerce
• tourism
• Health
• Safety
• Education
• Finance
• Entertainment

This sector guarantees consumer welfare, their health, safety, training, entertainment, transportation and the care of any need to improve their quality of life.

Tertiary Sector Activities

During the economic cycle, a company in the primary sector, for example an agricultural company that grows and collects fruits, will require its distribution to the different factories that make fruit juices for sale to the public, this sector's activity secondary.

For this you will require a transport service, this is known by outsourcing, that is, you will use a service from the tertiary sector, Likewise, the juice factory may use this means to distribute its production to the different shops to make them reach the final consumer.

What are tertiary products?

The main characteristics of the tertiary sector activities are:

Transport

• It is dedicated to transferring the product of the primary and secondary sectors or even people through a particular means determined or a complex transport network, which can be land, sea, river, air and even Underground.

Communication

• They allow information on the population and maintain the relationship of people, even when they are long distances, in this group are the telecommunications companies and the mass media of communication.

Commerce

• It is responsible for the exchange of goods or services between the population, regions and even between countries or groups of them.

tourism

• This sector is one of the most important to boost the economy of any country, through its activities visitors internal and foreign receive the attention of hotel companies during their trips of less than one year, either for business or pleasure.

Health

• Activities related to the provision of the health service, aimed at preserving the life of the population, make up clinics, hospitals, primary care centers, medical laboratories, imaging centers and Similar.

Safety

• It is responsible for monitoring the proper civil order of the population, compliance with laws and activities related to justice

Education

• It is made up of companies and organizations dedicated to instructing the population in all its phases, from preschool to the most advanced studies university, includes technical and trade academies, the future of any country is in your hands since it is dedicated to the training of its citizens.

Finance

• The financial sector is responsible for managing the economy itself, monitors and ensures the proper exchange of resources financial and capital, it is made up of banking and financial entities, brokerage houses, exchange houses and companies with Similar.

Entertainment

• Leisure, entertainment, recreational activities. such as amusement parks, video games, cinema, cultural events, concerts. These have a large audience since they have activities oriented and destined for any age.

Within this wide variety of services, the tertiary sector can also be differentiated according to the entity that offers it. Thus, activities of the public tertiary sector and activities of the private tertiary sector can also be differentiated.

Characteristics of the Tertiary Sector

Some of the characteristics that distinguish the tertiary sector from the others sectors of the economy They are:

• It is a service provider, it does not exploit or extract the riches of nature or transform them into products.
• It boosts the economy of a country, serves citizens and improves their quality of life
• It favors productive activities. Likewise, the distribution of products increases the GDP (Gross Domestic Product) and healthy competition between companies in each of the sectors of the economy
• It is heterogeneous due to the variety of activities that it involves and composes it.
• Your product is an intangible asset and impossible to store
• It is always oriented and close to consumers or the general population
• Work directly with human capital or talent
• Its function is public, so it must monitor strict compliance with current legal regulations
• It is the sector in charge of taking care of people's well-being