JARGON: TERTIARY INDUSTRY
Also known as the “tertiary sector of industry”, or the “service industry/sector”, this is the part of the economy that provides services to consumers (such as financial institutions, schools, transport services, legal practitioners, etc.). In a developed economy, the tertiary industry is one of three industry types – the other two being the primary (raw materials) and secondary (goods production) industries. As an economy becomes more advanced, it will shift its emphasis from primary to secondary and tertiary industries. In many developing African countries, for example, governments are trying to decrease their dependence on primary industries, such as resource extraction, and develop more services-related industries.