Unit 4: Te

Apuntes

Unit 4: Tertiary Sector •Introduction 1.1. What is Tertiary Sector? The tertiary sector includes economic activities that do not produce material goods but provide services for individuals, the government, or other industries. Examples include tourism, transport, commerce, communication, education, healthcare, banking, and insurance. 1.2. Characteristics of Services Today Services are highly significant in developed countries' GDP. The industry is now very specialized, requiring good training. A key feature is the transformation of many industries into service-based processes—design, marketing, insurance, transport, financial services—known as the servitization of products (“terciarización de la economía”). The old distinction between goods and services has blurred, as most products now include a service component. •Economic Inequalities in the Tertiary Sector Services vary greatly between developed and underdeveloped countries. Developed countries: - Higher demand for services like education and healthcare. - Widespread access to services. - Services account for 70-80% of GDP. - 60-80% of the population work in the tertiary sector. - Jobs require high sp...