service industry

English - Turkish

Definition of service industry in English Turkish dictionary

hizmet sektörü

servis endüstrisi

English - English

Definition of service industry in English English dictionary

An industry that does not produce any goods, but only provides a service such as a bank or insurance company

an industry that provides services rather than tangible objects

A service industry is an industry such as banking or insurance that provides a service but does not produce anything. an industry that provides a service rather than a product, for example insurance or advertising. Industry that provides services rather than goods. Economists divide the products of all economic activity into two broad categories, goods and services. Industries that produce goods (tangible objects) include agriculture, mining, manufacturing, and construction. Service industries include everything else: banking, communications, wholesale and retail trade, all professional services such as engineering and medicine, all consumer services, and all government services. The proportion of the world economy devoted to services rose rapidly in the 20th century. In the U.S., the service sector accounted for more than half the gross domestic product in 1929, two-thirds in 1978, and more than three-quarters in 1993. As increases in automation facilitate productivity, a smaller workforce is able to produce more goods, and the service functions of distribution, management, finance, and sales become relatively more important

Hyphenation

ser·vice in·dus·try

Turkish pronunciation

sırvıs îndıstri

Pronunciation

/ˈsərvəs ˈəndəstrē/ /ˈsɜrvəs ˈɪndəstriː/