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The economic sector often referred to as the service sector is the tertiary sector. This sector encompasses a wide range of activities that provide services rather than producing tangible goods. Examples include healthcare, education, banking, retail, hospitality, and entertainment. The tertiary sector plays a crucial role in enhancing the quality of life by meeting the needs and preferences of individuals and businesses. As economies evolve and develop, the service sector typically expands, becoming a significant contributor to employment and economic growth, reflecting the increasing importance of services in modern economies.
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The tertiary sector is often referred to as the service sector because it focuses on providing services rather than producing tangible goods. This sector encompasses a wide range of activities, including healthcare, education, finance, hospitality, and transportation, which cater to the needs of individuals and businesses. By facilitating essential services, the tertiary sector plays a critical role in enhancing the quality of life and supporting the functioning of the economy. Its growth is indicative of a country’s development, as it signifies a shift towards more service-oriented economic activities that contribute significantly to GDP and employment. Therefore option 3 is correct answer.
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