Service Sector
Provides services, rather than producing material commodities
Real World Example
During the Postwar Boom from 1946 to 1960, the service sector grew significantly as the economy shifted from manufacturing goods to providing services like healthcare, education, and retail. This change responded to increased consumer demand and a growing middle class wanting more conveniences and professional services. The rise of the service sector was important because it created new job opportunities and helped drive economic growth. Today, the service sector remains crucial, as it includes essential services like banking, technology support, and hospitality, affecting nearly every aspect of daily life. For example, when you go to a restaurant or use a ride-sharing app, you're engaging with the service sector, highlighting its continued impact on how we live and work.
