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Which of the following sector encourage small scale entrepreneurship and has minimum hurdles to market entry?

Which of the following sector encourage small scale entrepreneurship and has minimum hurdles to market entry? Correct Answer Services.

Three different types of Industries / Industry Sectors / Economic Sectors:

(1) Primary Industry: 

  • The primary sector is concerned with the extraction of natural resources or raw materials from the earth.
  • The economic operations of a primary sector are usually dependent on the nature of that particular place. 
  • Mining, farming (Agriculture), forestry and fishing are examples of primary industries.


(2) Secondary industry: 

  • After primary industries have accumulated raw materials, secondary industries enter into the picture.
  • The construction and manufacturing industries are primarily included in the secondary industry.
  • More capital is required so not easy to in and not for Small Scale Interprices. 
  • Secondary industry is divided into two categories:
    a. Heavy industry: 
    This industry is primarily made up of construction, transportation, & manufacturing enterprises.
    Ships, petroleum processing, machinery production are among the most common operations in this heavy industry.

    b. Light industry:
    The light industry usually requires a relatively smaller quantity of raw materials, lesser power and smaller area.
    The items produced in light industries are minimal, and they are very easy to transport.
    Home, personal products, food, beverages, electronics, and apparel are among the most common operations in this light industry.


(3) Tertiary Industry: 

  • Tertiary industries market secondary industries' products to consumers.
  • They are usually not involved in creating products but rather in the provision of services to the general public and other industries.
  • The creation of different nature services, such as experiences, discussion, access, is the most significant feature of the tertiary sector.
  • The tertiary sector is divided into two categories.
    (a)The first group consists of businesses that are into making money, such as those in the financial sector.
    (b)The second group consists of the non-profit sector, which includes services such as public education.
  • The industries of the Tertiary sector include investment, finance, insurance, banking, wholesale, retail, transportation, real estate services, resale trade, professional, legal, hotels, personal services, tourism, restaurants, repair and maintenance services, police, security, defence services, administrative, consulting, entertainment, media, information technology, health, social welfare and so on.
     

Key facts of the tertiary sector:

  • The tertiary industry is the economy's services sector, which includes financial services, medical professionals, educators, hairdressers, and personal trainers, among other things.
  • The tertiary sector is classified into two categories: profit and non-profit.
  • In terms of revenue generation, the tertiary sector is presently the largest sector of the world economy.
  • Economists have discovered that when a country's economy advances, the tertiary sector expands while the primary sector, which generates raw resources, falls.
  • Very easy to in and to out from the industry.
  • Supports the SMSE (Small and Medium Scale Enterprises) as required capital is comparatively low and less labour is required in comparison to other sectors.
     

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