The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model. The others are the primary sector and the secondary sector (manufacturing).
The primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming, logging, fishing, forestry and mining.
In macroeconomics, the secondary sector of the economy is an economic sector in the three-sector theory that describes the role of manufacturing. It encompasses industries that produce a finished, usable product or are involved in construction.
Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a substantial impact on individual earnings. Research indicates that human capital investments have high economic returns throughout childhood and young adulthood.
Health care, or healthcare, is the improvement of health via the prevention, diagnosis, treatment, amelioration or cure of disease, illness, injury, and other physical and mental impairments in people. Health care is delivered by health professionals and allied health fields. Medicine, dentistry, pharmacy, midwifery, nursing, optometry, audiology, psychology, occupational therapy, physical therapy, athletic training, and other health professions all constitute health care. The term includes work done in providing primary care, secondary care, tertiary care, and public health.
In sociology, an industrial society is a society driven by the use of technology and machinery to enable mass production, supporting a large population with a high capacity for division of labour. Such a structure developed in the Western world in the period of time following the Industrial Revolution, and replaced the agrarian societies of the pre-modern, pre-industrial age. Industrial societies are generally mass societies, and may be succeeded by an information society. They are often contrasted with traditional societies.
In sociology, the post-industrial society is the stage of society's development when the service sector generates more wealth than the manufacturing sector of the economy.
The quaternary sector of the economy is based upon the economic activity that is associated with either the intellectual or knowledge-based economy. This consists of information technology; media; research and development; information-based services such as information-generation and information-sharing; and knowledge-based services such as consultation, entertainment, broadcasting, mass media, telecommunication, education, information technology, financial planning, blogging, and designing. Other definitions describe the quaternary sector as pure services. This may consist of the entertainment industry, to describe media and culture, and government. This may be classified into an additional quinary sector.
The Rostovian take-off model is one of the major historical models of economic growth. It was developed by W. W. Rostow. The model postulates that economic modernization occurs in five basic stages, of varying length.
- Traditional society
- Preconditions for take-off
- Take-off
- Drive to maturity
- Age of High mass consumption
The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between economic agents. The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction. The circular flow analysis is the basis of national accounts and hence of macroeconomics.
In economics, the Baumol effect, also known as Baumol's cost disease, first described by William J. Baumol and William G. Bowen in the 1960s, is the tendency for wages in jobs that have experienced little or no increase in labor productivity to rise in response to rising wages in other jobs that did experience high productivity growth. In turn, these sectors of the economy become more expensive over time, because their input costs increase while productivity does not. Typically, this affects services more than manufactured goods, and in particular health, education, arts and culture.
Service industries are those not directly concerned with the production of physical goods. Some service industries, including transportation, wholesale trade and retail trade are part of the supply chain delivering goods produced in the agricultural and manufacturing sectors to final consumers.
The following outline is provided as an overview of and topical guide to industry:
In economics, structural change is a shift or change in the basic ways a market or economy functions or operates.
Jean Fourastié was a French civil servant, economist, professor and public intellectual. He coined the expression Trente Glorieuses to describe the period of prosperity that France experienced from the end of World War II until the 1973 oil crisis.
One classical breakdown of economic activity distinguishes three sectors:
Industry classification or industry taxonomy is a type of economic taxonomy that classifies companies, organizations and traders into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.
The following outline is provided as an overview of and topical guide to production:
Allan George Barnard Fisher was a New Zealand-born economist.
