Categories
Economics Exam Lessons

Service Industry

CONTENT

  1. Meaning
  2. Examples
  3. Contribution of services industry to development

SERVICE INDUSTRIES

This is also known as the tertiary sector of industry.  It involves the provision of services to business as well as to the final consumers.Service involves doing something for the consumers, which could be personal or indirect services.

EXAMPLES OF SERVICE INDUSTRY

  1. Tourism attraction: This is concerned with all the activities of those who engage in creating tourist attractions in different tourist centerseg  guides in national park.
  2. Warehousing: The people involved are warehouse managers,clerks etc.They areconcerned with ensuring that goods produced are stored until they are needed for consumption.
  3. Communication: It includes all activities which promote rapid transmission of messages between sender and receiver or from one place to another eg courier service provided, telephone operator.
  4. Transportation: It is concerned with the movement of goods and services to where they are needed. Those engaged in these services include drivers, pilot and sailors.
  5. Advertising : It involves the business of providing information about the existence of a product to the potential buyers eg Advertising agents
  6. Banking: It involves people who assist others to have money for their daily needs. They also provide capital for those embarking on industrial activities and saving facilities eg bankers
  7. Insurance: It is concerned with the activities of people who undertake to protect individual or businesses against risk in their day to day activities eg Insurance broker, underwriters and agents

EVALUATION

  1. Define service.
  2. Explain five examples of service industry.

CONTRIBUTIONS OF THE SERVICE INDUSTRY TO ECONOMIC DEVELOPMENT

The service industry does contributegreatly to the economic development of Nigeria in the following ways:

  1. Generation of employment opportunities.
  2. Provision of aids to trade
  3. Generation of revenue to the government
  4. Diversification of the economy
  5. Infrastructural development
  6. Stimulation of other sectors of the economy
  7. Integration of different region in the economy

EVALUATION

  1. Define service industry
  2. State and explain the roles of services industry to the economic development of Nigeria

READING ASSIGNMENT

  1. Amplified and Simplified Economics for SSS by Femi Longe page 542-543.
  2. Essential Economics for SSS by  C E Ande page 365-367.

GENERAL EVALUATION

  1. Explain the following  i) Gross Domestic Product  ii) Cost of living  iii) Per Capita income
  2. Who is a discriminating monopolist?
  3. Explain three advantages of monopoly.
  4. What is protective tariff?
  5. Outline any four reasons in favour of protective tariff.

WEEKEND ASSIGNMENT

  1. The service industry is also known as the ………industry   A. processing  B. tertiary  C. construction  D. mining
  2. There are …..types of services occupation a. A. five   B. two C. ten  D four.
  3. Indirect service  ……… except A. soldiers B. law makers C. civil servant D. housemaids
  4. Banking, transport, insurance etc are also refer to as ……..A. trade B. commerce C. auxiliaries to trade D. occupation
  5. All these are reasons for the growth of the service sector except   A.  urbanization B. privatization C. increase in demand D. decrease in urbanization

THEORY

  1. What is service industry?
  2. List and explain the types of services industry.

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