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.
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
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 >
Perfect competition is characterized by factors like multiple sellers (or competitors), identical products on the market, sellers accepting rather than influencing market prices and free entry and exit into the given industry. In the actual business world, perfect competition is extremely rare, but it is an important economic concept.Full Answer >
The supply curve slopes upward because the volume suppliers in an industry are willing to produce increases as the price the market pays increases. Under typical circumstances, the revenue and profit derived by a supplier increases as the market price rises.Full Answer >
The "glass escalator" refers to a trend in some female-dominated professions wherein men enter those professions and ride up past women, receiving promotions at quicker rates than women in those professions. Sociologists view this as an additional obstacle for women in the workplace, who already have had to deal with the "glass ceiling," a phenomenon in male-dominated professions keeping women from reaching the same rates of promotion and even pay rates as their male counterparts.Full Answer >