Q.Read the given passage carefully and answer the questions that follow : The Quaternary Sector The Quaternary Sector along with the Tertiary Sector has replaced most of the primary and secondary employment as the basis for economic growth. Over half of all workers in developed economies are in the ‘Knowledge Sector’ and there has been a very high growth in demand for consumption of information-based services from mutual fund managers to tax consultants, software developers and statisticians. Personnel working in office buildings, elementary schools and university classrooms, hospitals and doctors’ offices, theatres, accounting and brokerage firms all belong to this category of services. Like some of the tertiary functions, quaternary activities can also be outsourced. They are not tied to resources, affected by the environment, or necessarily localised by market. (18.1) Define the concept of ‘outsourcing’. (18.2) More than 50 percent of all workers in developed countries belongs to which sector of economy ? (18.3) ‘Mutual funds managers’ are demanding which type of services ?
You're viewing a preview — the full solution, concept, methods & PYQ mapping are locked.
Start your 14-day free trial to unlock the full solution →The Quaternary Sector, or 'Knowledge Sector', involves information-based services and has become a primary driver of economic growth and employment in developed economies, with many of its activities being suitable for outsourcing.
The Quaternary Sector represents a significant evolution in economic activity, moving beyond the traditional primary (raw materials) and secondary (manufacturing) sectors. It is often referred to as the 'Knowledge Sector' because its core function revolves around information, research, development, and intellectual services. This sector, along with the Tertiary (service) Sector, has become the dominant force in driving economic growth and employment, particularly in developed nations. It encompasses a wide array of professionals, from educators and healthcare providers to financial advisors and technology developers, all engaged in creating, processing, and disseminating knowledge and information.
(18.1) Define the concept of ‘outsourcing’.
Outsourcing refers to the practice where a company contracts out a specific business function or task, which was previously performed in-house, to an external third-party provider. This external provider can be located either domestically or in another country. The primary motivations for outsourcing often include reducing costs, gaining access to specialized expertise, or improving efficiency by allowing the core company to focus on its main business activities. The passage indicates that Quaternary activities, like some Tertiary functions, are well-suited for this practice because they are not tied to specific resources, environmental conditions, or market locations.
(18.2) More than 50 percent of all workers in developed countries belongs to which sector of economy? …
Unlock everything free for 14 days
- Full step-by-step solutions
- Concept-first explanations
- Methods, shortcuts & mistakes
- PYQ mapping + timed mock tests
Full access for 14 days. No credit card required.