the service industry. The service sector, also known as the tertiary sector, is the third tier in the three-sector economy of any nation. Instead of product production, this sector produces services maintenance and repairs, training, or consulting. Examples of service sector jobs include housekeeping, tours, nursing, and teaching.
The services industries are made up of those businesses that provide intangible products. A great deal of diversity exists within the various services industries, diversity in terms of the type of consumers served, including business markers, consumer markets, and governments. Diversity also exists in terms of the size of firms within the various service industries. As a rule, service industries tend to be made up of smaller, local firms, such as restaurants, laundries, and auto repair shops. By contrast, individuals employed in the industrial or manufacturing sectors produce tangible goods, such as cars, clothes, or equipment
types of service industry
Direct Service: Direct service includes personal services rendered for direct consumption and are paid for directly by those who enjoy the service. Those who engage in this form of occupation are:
Housemaids. a female servant employed in general domestic work in a home, especially to do housework.
The Royal Variety Show is an opportunity to see some of our finest entertainers – COMEDIANS, singers, dancers and magicians.
She began her career as an entertainer on board cruise ships.
Lawyer in private practice
The service satisfy human wants, hence it is part of production. The service provider has a direct contact with the consumer.
Indirect Service: Indirect service includes service rendered to the general public but they are not paid for by the members of the public directly. The government will pay from taxes and levies paid by the public. Therefore, those involved render indirect services and are paid indirectly by the public, e.g.
Doctors working in public hospitals
ROLES OR CONTRIBUTIONS OF THE SERVICE INDUSTRY TO ECONOMIC DEVELOPMENT OF NIGERIA
The service industries do countries greatly to the economic development of Nigeria in the following ways.
- Economic growth: The service industry through its activities in the economy does contribute towards the growth of the economy.
- Generation of employment: The service industry through all its activities in trading, banking, transportation, communication, helps to generate abundance employment for the people.
- Aids to trade: Service industry through banking, ware housing and transportation do assist in enhancing trading in the economy of the nation.
- Generation of Revenue: Service industry generates revenue both for the government and the people who are engaged in the industry.
- Diffusion of ideas and technology: Through the activities of people engaged in the service industry, new idea and technology are transferred from one country to another.
- National integration: Through the service industry, different regions in the country are brought in constant touch with one another. This enhances national integration and interaction among the people in a country.
- Stimulation of other sectors: The service industry does stimulate the growth of other sectors like manufacturing and construction industries.
- Infrastructural development: The service industry through its activities in the economy stimulates the development of infrastructures like roads, telephone, electricity and pipe borne water.
- Diversification of the economy: The service industry also helps to ensure the diversification of the economy through its branches like tourism.
- Manpower Development: Many people are trained in different areas e.g. Doctors, Lawyers, Musicians, Teachers, Police and Army
concept of economics