Why Insurance Is Known As Tertiary Industry

The BBC explains that tertiary industries provide services. Transportation, health care, food service, retail sales, advertising, entertainment, tourism, banking and law are all examples of tertiary-level sectors of the economy. More than 80 percent of Americans are tertiary workers providing services to primary and secondary workers. With the automation of jobs, the activities of the quaternary sector are becoming more prominent. Thanks to the technological advances, many tasks from the primary activities (agriculture), secondary activities (industry) and even from the services sector (restaurants) have been mechanized. For example, in agriculture, the use of machinery, fertilizers and modern techniques of cultivation have.

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The tertiary sector of the American economy is the sector also known as the service sector. Some jobs in the tertiary sector are tourism, hospitality, government, healthcare, and retail.

Why insurance is known as tertiary industry. · Tertiary production: this refers to the commercial services that support the production and distribution process, eg insurance, transport, advertising, warehousing and other services such as teaching and health care. There are four types of industry. These are primary, secondary, tertiary and quaternary. Primary industry involves getting raw materials e.g. mining, farming and fishing. Secondary industry involves manufacturing e.g. making cars and steel. Tertiary sector is also known as Service sector. Sunrise industry is also a commonly used term. Examples: 1. IT (Information Technology) Industry 2. 1. Google, Microsoft etc. 3. Tourism 4. 1. Hotels 2. Tour Guides 5. Restaurants 6. Hospitals 7. Co…

The financial services sector, the second most important industry in the Bahamian economy, includes private and commercial banking, portfolio management, captive insurance, asset protection, foreign exchange transactions, administration and establishment of trusts, company formation, mutual funds and securities transactions. The answers provided are correct, but tertiary insurance does not always relate to Medicare or Medicaid. Tertiary means that it is the third payer. This could be the result of having (non-Medicare/Medicaid) health insurance from multiple places. E… Industry, Transport and even Agriculture are now having substantial information technology and communications inputs. 5. There has been massive growth in tourism and travel another big component of the tertiary sector with various tourism services, eating out places, travel related services, air/rail/ road bus and cruiser services. 6.

The tertiary industry is one of three primary industrial types in a developed economy, the other two being the primary (i.e. raw materials), and secondary (i.e. goods production) industries.As an. Q 6- Explain briefly why Insurance is known as a tertiary industry. Ans- Insurance is an important support service for both the Primary and Secondary Industries. Tertiary industries are the ones. Tertiary industry serviced the needs of the secondary and primary industries. Right now: Massive growth in information-based services, hospitality, tourism and personal services. `Post-industrial economy’ is the term used to describe the expansion of service industries as the major area of economic activity and employment.

The service sector consists of the production of services instead of end products.Services (also known as "intangible goods") include attention, advice, access, experience, and affective labor.The production of information has been long regarded as a service, but some economists now attribute it to a fourth sector, the quaternary sector.. The tertiary sector of industry involves the provision. The tertiary industry is the segment of the economy that provides services to its consumers, including a wide range of businesses such as financial institutions, schools and restaurants. It is also known as the tertiary sector or service industry/sector. 3. Tertiary Activities. The Tertiary Sector is actually the service sector, which involves the giving away direct services to its consumers. It supplies services to the immediate consumers and the business houses and it includes services related to retail, transportation, hotels, sales and much more.

tertiary industry are those industry which provide services rather than producing good or article . insurance is tertiary industry as it provides us the guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium. Transportation Sector: The transportation sector is a category of companies that provide services moving people, goods, or the infrastructure to do so. Technically, transportation is an industry. A secondary industry is an industry that takes raw materials as input and creates finished products as output. This can be contrasted with primary industries that produce raw materials and tertiary industries that produce services.A large secondary industry is characteristic of an industrial economy. The following are illustrative examples of a secondary industry.

One reason why employers are a major stakeholder group in the healthcare industry is: A. Americans' reliance on company-based wellness programs. B. the political influence of individual, large company owners. C. their payment of a high proportion of healthcare costs. D. None of these is correct. Why is insurance known as tertiary industry Report ; Posted by Gourav Bansal 2 years, 3 months ago. CBSE > Class 11 > Business Studies 2 answers; Shruti Sharma 2 years, 3 months ago. Insbrance is known as teritiory industry because it provides services to the customer such as provides safety from loss of goods and due to that we can avoid. c.Banking & insurance.. The three key sectors of the industry include tertiary, secondary, and primary.. A tertiary sector is also known as the service sector. The tertiary sector refers to.

The tertiary sector of the American economy is the sector also known as the service sector. Some jobs in the tertiary sector are tourism, hospitality, government, healthcare, and retail. What is a. Call now to find out how we can assist you: 2024 E. Pinetree Blvd., Suite D. Thomasville, GA 31792-5391. 1-844-200-7422 Toll Free. 229-236-7422 Local The tertiary sector of the economy is a collection of industries that produce mostly intangible value, meaning value that has no physical form.It is a hallmark of advanced economies to have a large tertiary sector that generates a high percentage of GDP and employment. The following are examples of industries that are considered part of the tertiary sector.

Industry, group of productive enterprises or organizations that produce or supply goods, services, or sources of income. In economics, industries are generally classified as primary, secondary, tertiary, and quaternary; secondary industries are further classified as heavy and light.

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