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Definition of 'Tertiary Industry'
The segment of the economy that provides services to its consumers. This includes a wide range of businesses including financial institutions, schools, transports and restaurants.
Also known as "tertiary sector of industry," or "service industry/sector".
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Investopedia explains 'Tertiary Industry'
The tertiary industry is one of three industry types in a developed economy, the other two being the primary (raw materials) and secondary (goods production) industries. As an economy becomes more developed, it will shift its focus from primary to secondary and tertiary industries.
The tertiary industry is split into two main categories. The first is made up of companies that are in the business of making money, such as those in the financial industry. The second comprises the non-profit segment, wich includes services such as state education.
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