Dams can be built to irrigate dry areas. National Income as an Index of Development: Service sector mainly includes transports and communications, banking and insurance, education, health etc.
Like primary and secondary sectors, service tertiary sector also plays an important role for the economic development of a country. This sector provides different types of services to both agriculture and industrial sectors.
All papers reproduced by permission. M Mark, Jerome A.
The increasing demand due to its population makes the country a good market. GlynEmployment growth, structural change and capital accumulation. Some of the important economic developments in the country are as follows: Thus, the emphasis is on a massive road connectivity plan to tie the region together to enhance economic objectives.
Measurement through Occupational Pattern: Together these sectors make up the backbone of the modern economy.
It includes agriculture, fisheries, forestry, mining etc. P Pissarides, Christopher A. If the extra 3 members seek employment elsewhere, the family income will be augmented.
Review of Income and Wealth, Series 35, Number 4. More schools could be started to educate the rural population to help them become employable. In a modern economy the share of primary sector towards national income is gradually reducing, whereas; the shares of secondary and tertiary sectors are improving day by day.
The development of industries is dependent on the performance and improvement of transport, communication, electricity, banking etc. The purchasing power of money can go up when with the increase in national income there is also increase in the prices of goods. Your focus should be on such changes.
In any country several services such as hospitals, schools, post and telegraph, police station, courts, insurance, defense, transport, banks etc are required.
Rising Importance of the Tertiary Sector Over the past 30 years, while production has increased in all the 3 sectors, it has increased the most in the tertiary sector.
The reasons for the fast development of the tertiary sector in India are as follows: The necessity for ‘basic services’ like hospitals, educational institutions, post and telegraph. Comparing the three sectors 1. Intermediate Goods: Those goods which are sold by one firm to another either for resale or for further processing.
e.g. paper sold by a paper mill to a publisher is intermediate goods. TERTIARY is the sector that provides services to end consumers AND to the primary and secondary sectors, and is considered the most important sector in the chain.
Transportation, health care, food service, retail sales, advertising, entertainment, tourism, banking, law, etc. are all examples of tertiary-level sectors. The tertiary sector is the part of the economy that involves the sale or trade of services instead of goods.
Some economists argue that there are. (b) Secondary Sector: It consists of manufacturing, trade, construction etc. (c) Tertiary Sector: It includes services, banking, transport, etc.
In underdeveloped countries, majority of the working population is engaged in primary sector. On the contrary, in developed countries the majority of the working population works in tertiary sector.Download