Answer the following questions in about 30 words.
(i) Explain retail trading service.
Ans. It is a business activity that deals with the sale of goods directly to the consumers. Most of the retail trading take place in fixed establishments or stores solely devoted to selling.
(ii) Describe what are Quaternary services
Ans. Quaternary services is that sector that is knowledge oriented and involves some of the following elements like :- collection, processing and production of information. Quaternary activities revolve around research and development and may be seen as an advanced form of service involving specialized knowledge, technical skills, and administrative competence.
(iii) Which are the fast emerging countries in medical tourism.
Ans. Medical tourism is increasing in countries of Asia, South America and Eastern Europe. In fact they are competing for it. Many world class hospitals are located in metropolitan cities of these regions that cater to patients all over the world. Countries like India, Thailand, Switzerland, Australia Singapore and Malaysia are the fast emerging countries of medical tourism.
(iv) What is the meaning of the term digital divide?
Ans. The term digital means the technology that we use today and when it comes to technology we have both information as well as communication technology. The gap between countries in terms of technological development is what we refer to as digital divide. It is due to economic, political and social differences among countries.
Answer the following questions in not more than 150 words
Ans. The services sector is the key driver of modern economic growth. Some of the services that fall under the Services Sector are :- construction, trade, hotels, transport, restaurant, communication and storage, social and personal services, insurance, banking, business consulting services, real estate etc. Presently, in India the service sector is much higher than both agriculture and manufacturing sector and is now more than 50% of nation’s GDP. The contribution of the Services Sector in the GDP has sky rocketed in the last few years. And it is majorly because many foreign companies have shown interest in doing business with India. This is only possible because of the fact that India has a large pool of skilled, low cost, and educated workers. Many foreign business have outsourced their work to India specially in areas of business processing outsourcing which is also know as BPO, and other information technology IT related services. Due to all of this, there is massive boost to the services sector in India which contributes heavily to the India’s GDP.
(ii) In detail explain the significance of transport and communication services.
Communication services deal with the modes by which transmission of words and messages can be done efficiently. Traditionally and even today at some place, communication is majorly dependent on physically travelling. But with the development technology specially in sectors of mobile and satellites, communication has become totally independent of any type of transport. Time being an important factor in communication, it has reduced from weeks to minutes. Today communication is direct and instantaneous at any time and from anywhere. Some of the modes of communications services are:- Radio, television, newspaper, internet, mass media etc.