Welcome to class!
In today’s class, we will be talking about the services industries. Enjoy the class!
This is also known as the tertiary sector of the industry. It involves the provision of services to business as well as to the final consumers. Service involves doing something for the consumers, which could be personal or indirect services.
EXAMPLES OF SERVICE INDUSTRY
- Tourism attraction: This is concerned with all the activities of those who engage in creating tourist attractions in different tourist centres e.g. Guides in a national park.
- Warehousing: The people involved are warehouse managers, clerks etc. They are concerned with ensuring that goods produced are stored until they are needed for consumption.
- Communication: It includes all activities which promote rapid transmission of messages between sender and receiver or from one place to another e.g. courier service provided, telephone operator.
- Transportation: It is concerned with the movement of goods and services to where they are needed. Those engaged in these services include drivers, pilot and sailors.
- Advertising: It involves the business of providing information about the existence of a product to the potential buyers e.g., Advertising agents
- Banking: It involves people who assist others to have money for their daily needs. They also provide capital for those embarking on industrial activities and saving facilities e.g. bankers
- Insurance: It is concerned with the activities of people who undertake to protect individual or businesses against risk in their day to day activities e.g. Insurance broker, underwriters and agents
CONTRIBUTIONS OF THE SERVICE INDUSTRY TO ECONOMIC DEVELOPMENT
The service industry does contribute greatly to the economic development of Nigeria in the following ways:
- Generation of employment opportunities.
- Provision of aids to trade
- Generation of revenue to the government
- Diversification of the economy
- Infrastructural development
- Stimulation of other sectors of the economy
- Integration of different region in the economy
- Explain the following i) Gross Domestic Product ii) Cost of living iii) Per Capital income
- Who is a discriminating monopolist?
- Explain three advantages of monopoly.
- What is a protective tariff?
- Outline any four reasons in favour of protective tariff.
In our next class, we will be talking about Agencies that Regulate Financial Markets. We hope you enjoyed the class.
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