Definitions [12]
Name three types of activities included in service sector.
The three types of activities are:
- Tertiary activities
- Quaternary activities
- Quinary activities.
Define trade.
Trade is essentially buying and selling of items produced elsewhere. All the services in wholesale and retail trading or commerce sire specifically intended for profit.
Define chain stores.
Chain Stores: These are retail stores owned by a single firm and spread over vast geographical areas across nation or worldwide. Chain stores are usually characterized by similar service and infrastructural environments, involving similar architecture, store design, layout and choice of products.
Define departmental stores.
Departmental stores: Departmental stores are large retail establishments which have large collection of variety of goods, all organised under specific department heads. A distinct feature of this kind of retail establishment is the organizing of separate departments, under same roof to facilitate buying, customer service, merchandising and control.
What is wholesale trading service?
Wholesale trading constitutes bulk business through numerous intermediary merchants and supply houses and not through retail stores. Wholesalers often extend credit to retail stores to such an extent that the retailer operates very largely on the wholesaler’s capital.
Define Quaternary activity.
Quaternary activities are knowledge oriented. They involve the collection, production and dissemination of information. They centre around research, development and may be seen as advanced forms of services involving specialized knowledge and technical skill.
Define consumer cooperative.
Consumer cooperatives: A cooperative business which is owned by its consumers for mutual sharing of benefit, after setting aside money for investment, is known as consumer cooperative. Consumer cooperatives often take form of the retail outlets which are owned and managed by their consumers.
Give examples of informal service sector.
Some examples of informal service sector are those people helping in domestic services, eg. Housekeepers, cooks, gardeners, etc. On such example of informal service is Mumbai’s dabbawalas.
Define Medical Tourism.
When medical treatment is combined with international tourism activity, it is commonly known as medical tourism.
Which countries are gaining from Medical Tourism? How does it help?
India has emerged as a leading center with world-class hospitals in the metro cities. Medical tourism brings huge benefits to developing countries like India, Thailand. There is also the trend of outsourcing the medical tests and data interpretation, and some centers in India, Switzerland, and Australia carry on some medical services like reading of radiology images, to interpreting MRI’s and ultrasound tests. It is advantageous to patients as it provides better quality and specialized care.
Define Quinary activity.
Quinary activities are services that focus on the creation, rearrangement and interpretation of new and existing ideas; data interpretation and the use and evaluation of new technologies. People involved are referred to as gold collar workers.
Define the term “Information Technology".
Information technology is the synthesis of computers and telecommunication, Transmission of stored and processed information.
