32 Stasicratous Street 5. Accommodation and food services such as hotels, casinos, special food services, drinking places, and restaurants. activities where people offer their knowledge and time to improve productivity, performance, potential, and sustainability.    A channel of distribution can be defined as the collection of organizational units, institutions, or agencies within or external to the manufacturer, which perform the functions that support product marketing. Tertiary sector Tertiary sector ID: 307453 Language: English School subject: Social Science Grade/level: Tercero de primaria Age: 8-12 Main content: Economic sectors Other contents: Work Add to my workbooks (16) Tertiary Sector The tertiary sector of the economy is also known as the service industry. Professional, scientific, and technical services such as legal, accounting, architectural, engineering and marketing consulting services. The first economy to follow this path in the modern world was the United Kingdom. The tertiary sector of the economy (also known as the service sector or the service industry) is one of the three economic sectors, the others being the secondary sector (approximately the same as manufacturing) and the primary sector (agriculture, fishing, and extraction such as mining). They can also involve selling goods and products from primary and secondary industries. With indirect channels, the external institutions or agencies (e.g. To act as a store of value, a money must be able to be reliably saved, stored, and retrieved – and be predictably usable as a medium of exchange when it is retrieved. As I understand it: Primary; direct production of vital materials, farming, mining, forestry, fishing , hunting and activities directly required to make these products useful to humans. The service sector is the third of the three economic sectors of the three-sector theory.The others are the secondary sector (approximately the same as manufacturing), and the primary sector (raw materials).. Many items have been used as commodity money such as naturally scarce precious metals, conch shells, barley, beads etc., as well as many other things that are thought of as having value. Use of commodity money is similar to barter, but a commodity money provides a simple and automatic unit of account for the commodity which is being used as money. Money originated as commodity money, but nearly all contemporary money systems are based on fiat money. The recognition of differences among the major sectors of the economy, such as agriculture, commerce, or manufacturing, has a considerable tradition in economic thinking. According to the three-sector theory, all economic activity can be classified into one of three sectors: the primary sector, the secondary sector, and the tertiary sector. However, with dramatic cost reduction and speed and reliability improvements in the transportation of people and the communication of information, the service sector now includes some of the most intensive international competition, despite residual protectionism. Charging a premium for services is usually an option only for the most established firms, who charge extra based upon brand recognition. When money is used to intermediate the exchange of goods and services, it is performing a function as a medium of exchange. The production involves the ‘provision’ of services that are ‘consumed. The tertiary sector of industry involves the provision of services to other businesses as well as final consumers. automobiles, textiles, shipbuilding, steel) and finally toward a more service-based structure. (ii) It provides services such as transport, I.T., communications, etc. In the past, money was generally considered to have the following four main functions, which are summed up in a rhyme found in older economics textbooks: "Money is a matter of functions four, a medium, a measure, a standard, a store." Activities associated with this sector include retail and wholesale sales, transportation and distribution, entertainment (movies, television, radio, music, theater, etc. Commodity money value comes from the commodity out of which it is made. This can be contrasted with the primary sector that produces raw materials and tertiary sector that produces intangible value such as services. Another example is the banking industry, which has gone through enormous changes in recent years. Service sector growing from 50% of GVA in 1970 to 78% in 2010 A growing service sector is usually a sign of increased living standards – it enables consumers to enjoy more leisure based service activities, such as tourism, sport and restaurants. Health care and social assistance such as offices of physicians, outpatient care centers, and medical and diagnostic laboratories. This video goes over the five main economic sectors in every economy. For example, IBM treats its business as a service business. Service companies do not provide a physical good like the primary or secondary sectors, but they still provide value. Fungible: that is, one unit or piece must be perceived as equivalent to any other, which is why diamonds, works of art or real estate are not suitable as money. Some channel members perform single functions-carriers transport products, and public warehousers store them. As economies developed, commodity money was eventually replaced by representative money, such as the gold standard, as traders found the physical transportation of gold and silver burdensome. [5] Others argue that storing of value is just deferral of the exchange, but does not diminish the fact that money is a medium of exchange that can be transported both across space and time. Fisherman would be workers in this sector., the focus is on people interacting with people and serving customer. Are imprinted with their gold content and legal tender face value a distribution channel is determined by the reserve or. Or textiles into clothing avoids the inefficiencies of a barter system, such as legal, accounting,,... Leaner '' businesses capable of extracting more profit from a wider customer base that emphasis is on.: Cyprus Headquarters Charalambous Tower 32 Stasicratous Street Flat M2 Nicosia 1065 Cyprus, Copyright © 2020 UniAssignment.com | by! 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