Various activities related to the production, distribution and consumption of goods and services in a certain geographical region is called an economy.

allocation. Setting aside resources for a specific purpose.

Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production include land, labor, capital and entrepreneurship.

Consumption- the process of using up goods and services in order to satisfy wants & needs. When you buy something or utilize a service, you are acting as a consumer.

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Economics- vocab words

A	B
consumers	one who buys goods or services for personal use rather than for resale or use in production or manufacturing.
producers	a person, group, or business that makes goods or provides services to satisfy consumers’ needs and wants.

There are three main types of services, based on their sector: business services, social services and personal services.

Goods are the material items that the customers are ready to purchase for a price. Services are the amenities, benefits or facilities provided by the other persons. Goods are tangible items i.e. they can be seen or touched whereas services are intangible items.

Facts About the Service Industry

• Recreation.
• Arts and entertainment.
• Social assistance.
• Health care.
• Waste management.
• Professional and technical services.
• Scientific services.
• Transportation.

The four types of goods: private goods, public goods, common resources, and natural monopolies.

For example, a haircut is a service; you cannot transport or store a haircut. Services are intangible by nature; there is no time gap between the provision and consumption of a service. You can neither store nor transfer them. Goods are tangible; there is a time gap between their production and consumption.

Examples of service sector jobs include housekeeping, tours, nursing, and teaching. By contrast, individuals employed in the industrial or manufacturing sectors produce tangible goods, such as cars, clothes, or equipment.

These include IT and ITeS, Tourism and Hospitality Services, Medical Value Travel, Transport and Logistics Services, Accounting and Finance Services, Audio Visual Services, Legal Services, Communication Services, Construction and Related Engineering Services, Environmental Services, Financial Services and Education …

The service sector makes an importantcontribution to GDP in most countries, providing jobs, inputs and public services for the economy. Trade in services can improve economic performance and provide a range of traditional and new export opportunities.

Activities in the service sector include retail, banks, hotels, real estate, education, health, social work, computer services, recreation, media, communications, electricity, gas and water supply.

13 Types of Service Sectors in India.

Service Activities means those activities carried out by an organization which are integral and necessary to the production and/or delivery of specific products and/or services.

The tertiary sector is different from the other two sectors because the other sectors produce goods but this sector does not produce goods by itself. For this reason this sector is also known as service sector. Example:-transport, communication, storage, banking, insurance, trade activities etc.

Tertiary sector

• the market services sector (trade, transports, financial operations, business services, personal services, accommodation and food service activities, real estate, information-communication);
• the non-market sector (public administration, education, human health, social work activities).

In an economy, there could be one or more sectors which are dominant in terms of total production and employment, while other sectors are relatively small in size. Therefore, Comparison can be done among these three sectors on the basis of value of final goods and services produced.

Tertiary sector is termed as service sector because tertiary sector provides support service to primary and secondary sector.

The tertiary industry sector makes up the vast majority of employment opportunities and is solely focused on providing services, not goods, to consumers and other organizations. For this reason, it is also known as the service sector.

Since the activities of tertiary sector generate services rather than goods, it is called service sector. It includes some essential services that may not directly help in the production of goods.

The primary sector includes all those activities the end purpose of which consists in exploiting natural resources: agriculture, fishing, forestry, mining, deposits.

The primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming, logging, hunting, fishing, and mining.

Primary Sector is that sector of the economy which is concerned with or related to primary economy. It means mining, quarrying, farming, fishing and forestry. These type of industries are called primary sectors as they produce raw materials which are to be processed into a finished product.

Primary industries are those that harvest or extract raw materials from nature; they include agriculture, oil and gas extraction, logging and forestry, mining, fishing and trapping. .

Primary products are goods that are available from cultivating raw materials without a manufacturing process. Significant primary product industries include agriculture, fishing, mining, and forestry.

What is another word for primary sector?

extraction	primary industry
agriculture	farming
fishing	mining

Agriculture, crop production, animal husbandry, fisheries and mining- all are included in primary sector.