Tertiary Industry
The tertiary industry, also known as the service sector, focuses on providing services rather than goods. This includes a wide range of activities such as retail, healthcare, education, and hospitality. Businesses in this sector aim to meet the needs of consumers and other industries by offering support and expertise.
Unlike the primary industry, which involves raw material extraction, and the secondary industry, which deals with manufacturing, the tertiary industry plays a crucial role in the economy. It contributes significantly to employment and GDP, reflecting the growing importance of services in modern economies, such as those in the United States and Europe.