Question

A postindustrial economy is based on tertiary sector production—the provision of services rather than goods, as a primary source of livelihood for workers and profit for owners and corporate shareholders. A majority of U.S. jobs are in tertiary sector employment.

Answer 1

The tertiary sector or service sector includes industries related to public services: transport, trade, consumer services, banking; business and administrative, information and telecommunication services; education, healthcare, culture, science. An increasingly important role is played by recreational services associated with the growing need of the population for recreation and tourism. The predominant development of the tertiary sphere is characteristic of a post-industrial society in which employment in the primary and secondary sectors of the economy is sharply reduced as a result of dominant automation and growth in labor productivity. Labor moves to a growing tertiary sector. It currently accounts for about 2/3 of global GDP. The tertiary sector is absolutely dominant in the US economy (about 80% of GDP). Currently, less than one out of six workers in the economy of the country work in the industry, while in the service sector - more than 70%.

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