The tertiary industry provides services to its consumers. It is also known as service industry/sector. All types of services and special skills provided in exchange of payments are called tertiary activities. Health, education, law, governance and recreation etc; require professional skills. These services require other theoretical knowledge and practical training. Most of the tertiary activities are performed by skilled workers and professionally trained experts and consultants. Tertiary activities involve commercial output of services rather than the production of tangible goods. Expertise provided by service relies more heavily on special skills, experience and knowledge of the workers rather than on the production techniques, machinery and factory processes. Trade and commerce, transport, communication and services are the categories of tertiary sector. Tertiary sector is further divided into quaternary and quinary sector.
The quaternary sector of the economy consists of intellectual activities, example, libraries, scientific research, education, and information technology. The workforce who is readily involved in this sector is typically welleducated, and people are often seen earning well through their participation in this industry.
The professions of the people working in this industry are generally referred to as “gold collar” professions since the services included in the sector focus on interpretation of existing or the new ideas, evaluation of new technologies, and the creation of services. It involves highly paid professionals, research scientists, and government officials. The people are designated with high positions and powers, and those who make important decisions that are especially far-reaching in the world around them often belong to this category.