Quaternary activities involve a chunk load of professions and resultantly work as a good source of employment. However, since globalisation has started taking place, developing nations have joined. As the work and skills are very different and require special expertise, quaternary activities have a considerable market share in the developed economies. These are not limited to resources affected by the environment or accessibility being tied to a localised market. Just like a few tertiary activities, quaternary activities can also be outsourced. Not only this, people working in office buildings, schools and university classrooms, offices of hospitals and doctors clinics, theatre, accounting, and brokerage firms all fall under the category of the quaternary sector.
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This list includes services from mutual fund managers to consultancy firms, software developers, and statisticians. This sector is very diverse and is present where knowledge is served. Who is engaged in the quaternary activities? There has been very significant growth in demand for and consumption of information-based services. Statistically, over half of all workers in the developed economies are working in the ‘knowledge sector’. Growth of quaternary activities: As far as economic growth is concerned, the quaternary sector, along with the tertiary sector, has replaced most of the employment coming from the primary and secondary sectors. Quaternary activities revolve and focus on research development and can be taken as an advanced form of service that involves having expertise, technical skills, and dedicated specialised knowledge. Its work involves the collection, production, and dissemination of information or even the production of information. This sector is divided into quaternary and quinary activities.
They both require skill and knowledge and work in a segment around expertise. It can be taken with an example of a CEO of an MNC and a medical transcriptionist. This activity involves highly skilled people who have a more excellent expertise. This sector is very different from others as most are based on something directly physical, while this is a knowledge-oriented space. With the advancement and rapid rise in technology, the quaternary sector has evolved very quickly in a minimal time.
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