Understanding the Market — Entrepreneurship STD 11 Commerce — Question

Tertiary or Service: Service industry comprise of activities concerned with the rendering of services which help other businesses to perform unhindered. They serve as the back bone of modern industrial system. Tertiary units bridge the gap between the producers of goods and services and their consumers. They help in removing various hindrances which arise during the production and distribution of goods and services:

• Transport facilitates the movement of goods from one place to another.
• Banking provides credit facilities to industrial and trading firms besides providing banking services.
• Insurance covers various kinds of business risks.