service sector

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service sector

that part of the economy concerned with the provision of a wide variety of personal and business services: hairdressing and tourism, transport and retailing, banking and insurance, etc. The service sector together with the PRIMARY SECTOR and INDUSTRIAL SECTOR form an interlocking chain of economic activities that constitutes a modern economy.

See STRUCTURE OF INDUSTRY.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
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