AP Inter 2nd Year Economics Notes Chapter 6 Tertiary Sector

Students can go through AP Inter 2nd Year Economics Notes 6th Lesson Tertiary Sector will help students in revising the entire concepts quickly.

AP Inter 2nd Year Economics Notes 6th Lesson Tertiary Sector

→ The tertiary sector also called service sector. It includes all other activities like transport, communications, banking, insurance, trade, irrigation, power etc. Which help the primary and secondary sector in the country.

→ Importance of service sector – share of tertiary sector in GDP, percentage of labour force, investment in tertiary sector unemployed and underemployed and economic development.

→ ‘Infrastructure’ is an umbrella term of many service activities suffered to as social overhead capital.

→ Generally infrastructure is categorized in two groups 1. Economic infrastructure 2. Social infrastructure. The services and facilities that are used in the economic production and by households is called as economic inf restructure.
Social infrastructure includes education, healthcare family welfare housing, labour welfare etc.

AP Inter 2nd Year Economics Notes Chapter 6 Tertiary Sector

→ Tourism – WTO defined as tourism as “the activities of persons travelling and staying in places outside their usual environment for not more than one consecutive year for leisure business and other purposes.

→ Forms of tourism – Domestic Tourism – International tourism.

→ Various forms of transport in India – Railways, Road transport, water transport and civil aviation.

→ Insurance in India – LIC and GIC.

→ Banking in India – A strong banking structure is important in influencing the mobility and allocation of capital and channalising savings into productive investment. Banks in India may be classified in commercial banks, industrial banks, agricultural and rural development banks, exchange banks and central bank i.e. Reserve Bank of India.

→ Communication system in India – Postal services, telegraphs, and telecommunications etc.,

→ The software industry is the main component of the information technology in India.

→ Service Sector : Service sector is also known as tertiary sector. Service sector is the life line for the social and economic growth of a country. The service sector activities include trade, transport, communications, banking, insurance, education, health, energy, marketing etc., all these facilities and services constitutes collectively the tertiary sector.

→ Infrastructure: An umbrella term for service activities in the economy. Infrastructure . is categorized into two groups. They are economic infrastructure and social infrastructure.

AP Inter 2nd Year Economics Notes Chapter 6 Tertiary Sector

→ Tourism : Tourism is the sub-sector of tertiary sector in general and services industry in particular. Tourism as “the activities of persons travelling and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes.

→ L.I.C : Life Insurance Corporation of India was set up in 1956. LIC has its central office at Mumbai with 7 Zonal offices, 101 divisional offices and 2,048 branch offices. It mobilise savings of the public to invest in the industrial securities.

→ Micro Insurance: A system that blends insurance with savings and credit practices. The member of self help groups, farmers, migrant workers and tribals are the target groups for this micro finance. This insurance offers both individuals and group insurance services.

→ Communication : he communication system is an integral part of the development process. Communication means the transmission of information. By providing necessary information about markets and supply of goods. It consists of posts of telegraphs, telecommunications broadcasting, television etc.

→ Science and technology : Science and technology are ideas and mans with which man seeks to change his environment. Science represents accumulation of knowledge, while technology represents ‘refinement in tools. These two have helped to improve the quality of human life.

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