Understanding the Tertiary Sector and Service Economies
The Tertiary Sector
Services are primarily located in cities and developed countries.
Service Classification
- By recipient: People or companies.
- By financing: Public or private.
Economic Context
Tertiarized economy: A post-industrial society where the majority of wealth is generated by the tertiary sector, which also employs at least half of the workforce.
Social Welfare
- Social services: Key activities to ensure the welfare of people.
- Welfare state: A consistent set of policies implementing universal social services.
Trade Systems
Trading: The buying and selling of products and services.
Internal Trade
Occurs within the borders of one country:
- Wholesale: Selling large quantities of goods to small businesses.
- Retail: Selling through shops, markets, and supermarkets