The quaternary sector of the economy is important for many reasons It is the area of the economy that allows for companies to research cost cutting methods, new markets, innovation, and new methods of production In the quaternary sector companies can use investments to plan for future expansion, or to gain higher returns on investment The quaternary sector is most valuable because it allows companies to create new products from which they can make a profit Remington Fusion VenusĨ Factors that affect the growth of the quaternary sector. The quality of the service provided must attract customers.ħ The economic importance of the quaternary sector. Population size/location The population needs to be large enough to support service industry, and must be located where they can access the services Type of service and price There must be a demand for the service. The people working in the tertiary industry need services too so the growth of the service industry continues.Ĥ Issues that affect the viability of a tertiary activity. The concentration of people meant there was more need for services. The tertiary industry is a growing sector It has seen constant growth over the past 100 years The multiplier effect is in part responsible for this phenomenon As the secondary sector of the economy grew, there were more people working in urban areas as manufacturers. By this we mean that as the economy grows and the standard of living improvesģ Issues that affect the viability of a tertiary activity. ![]() (3) Improved standards of living- this is especially true for the tertiary industry of tourism in less developed countries because their economies are so dependent on the tourist trade (4) Growth stimulates more growth- as the country benefits from the increase growth of the tertiary and quaternary industries, the growth feeds off itself. (2) Contributes to country’s GDP- these sectors produce over 70% of the GDP in many countries. This allows for people in developing countries to learn skills that will benefit the economy and move the country forward. (1) Diversifies the economy- allows for more individuals to move out of the primary and secondary sectors which is beneficial to a country’s economy. ![]() World Geography The Economic Importance of Tertiary and Quaternary IndustryĢ The economic importance of the tertiary and quaternary sectors ![]() 1 The Economic Importance of Tertiary and Quaternary Industry
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