Service Sector
Definition
The service sector, also known as the tertiary sector, includes industries that provide services rather than producing goods. Examples include healthcare, education, retail, finance etc.
Analogy
If an economy was a restaurant, the service sector would be like the waitstaff. They don't cook the food (produce goods), but they deliver it to you and make sure you have a good dining experience (provide services).
Related terms
Primary Sector: This is part of an economy involved with extraction and collection of natural resources such as mining, agriculture or logging.
Secondary Sector: This part of an economy involves transforming raw materials into finished products. It includes manufacturing industries like automobiles, textiles etc.
Quaternary Sector: This is a knowledge-based part of economy which typically includes services such as information technology, information-generation and -sharing, consultation etc.
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