The tertiary sector is focused on tertiary production, which is commercial services that work to provide support to distribution and production processes such as warehousing, transport services, insurance services, teaching, health care and advertising services. In the industrial world, there are three types of industry sectors: primary sectors, secondary sectors and tertiary sectors.Continue Reading
Primary sectors focus on primary production, which is the task of obtaining raw materials such as metals, rubbers, coal, fish and other foods. Secondary sectors focus on secondary production, which is the process of manufacturing and assembly. This process includes everything from making plastics from oil to building houses, roads and bridges. In this process, the raw materials from the primary sector are turned into components and products.
Tertiary sectors are interdependent on the other two sectors in order for businesses to operate functionally. Governments often place sanctions on the various sectors when trying to impose new rules. An example of this would be the international community's sanctions on oil coming from Russia in August of 2014. Putin, the Prime Minister of Russia, was not listening to international rules and laws so the international community decided to impose sanctions that would hurt his ability to govern effectively and popularly in his own country. Sanctions include hindering technology transfer as well as inhibiting cooperation from other countries.Learn more about Economics
A centrally planned economy is characterized as an economic system in which the government dictates and regulates all areas of economic activity, such as trade, labor, distribution, production and health care. A centrally planned economy is also known as a command economy.Full Answer >
A planned or command economy is one in which major functions, such as production and distribution of goods, are controlled by the government. In a planned economy, the government owns some or all production facilities and decides what to produce and how goods are priced. This is in contrast to a market economy, where production and distribution are decided by market forces with little or no government intervention.Full Answer >
Collaborative commerce is defined as creating more efficient distribution and supply channels as a way to maximize production in the world economy and utilize new technology. This specific type of commerce is a business effort to be more profitable and competitive.Full Answer >
A private enterprise economy is an economic system where the means of production and distribution are owned by the private sector, which carries business for profit-making reasons. This economic system is driven by innovation, with the government placing few restrictions on business enterprises.Full Answer >