Q:

What is quarternary industry?

A:

Quick Answer

Quaternary industry is a component of the economic system that includes all intellectually based professions and activities. It is more commonly referred to as the quaternary system.

Know More
What is quarternary industry?
Credit: Javier Larrea age fotostock Getty Images

Full Answer

The components of the economic system include the primary, secondary, tertiary, quinary and quaternary sectors. The quaternary sector of the economy provides knowledge-based services. It is primarily focused on industries of technology, scientific research and education. The quaternary section is sometimes included in the tertiary sector due to its service-based nature, although the specificity of the quaternary sector's functions allows it to function as a separate sector. The quinary sector may be considered a branch of the quaternary sector as it focuses on high-level decisions made by executives in quaternary industries.

Companies such as pharmaceuticals involved with the quaternary sector commonly work on investments that help them expand, as well as make improvements to make production methods and manufacturing more efficient. They gather information that is essential to understanding economic trends and which investments can bring the highest profits and growth. Media and other forms of entertainment industries are also included in the quaternary sector and are referred to as "pure" services. In economies such as that of the United Kingdom and United States, the service-based industries included in the quaternary and tertiary sectors are the primary employers, making them an essential component to the economic system.

Learn more about Economics

Related Questions

  • Q:

    What is a private enterprise economy?

    A:

    A private enterprise economy is an economic system where the means of production and distribution are owned by the private sector, which carries business for profit-making reasons. This economic system is driven by innovation, with the government placing few restrictions on business enterprises.

    Full Answer >
    Filed Under:
  • Q:

    What type of economy does Poland have?

    A:

    The country of Poland uses a 'market' economic system and represents the sixth-largest economy in Europe. Countries are generally categorized into one of four economic systems: traditional, command, market or mixed.

    Full Answer >
    Filed Under:
  • Q:

    What kind of economy does Turkey have?

    A:

    Turkey's economy is mostly a free-market economy that is driven by its industry, service and agriculture sectors. Its estimated gross domestic product GDP purchasing power as of 2013 is 1.167 trillion.

    Full Answer >
    Filed Under:
  • Q:

    What is a constant-cost industry?

    A:

    According to Business Dictionary, a constant-cost industry is an industry in which the ratio of units produced to the production cost per unit is constant, even when demand increases. This industry also keeps input prices the same.

    Full Answer >
    Filed Under:

Explore