THIRD SECTOR - SERVICES
The service sector - third of the traditional economic sectors - consists of the production of services instead of end products. Services (also known as "intangible goods") include attention, advice, access, experience, and affective labor. The production of information has been long regarded as a service, but some economists now attribute it to a fourth sector, the quaternary sector.
Much of the capital and labour flow in the service (third) sector can be loosely defined as rent-seeking. Strictly speaking, economists define rent-seeking as pursuing an advantage (deriving income) from government policies. It's a more useful term define as profit that comes from taking advantage of others (labor, expertise, construction, engineering, whatever) to add cost without adding value. Rent-seeking doesn't contribute in a productive sense, except insofar as the money earned from rent-seeking is inevitably a catalyst for economic activity as the rent-seekers spends their lolly.
The tertiary (service) sector of industry involves the provision of services to other businesses as well as final consumers. Services may involve the transport, distribution, and sale of goods from producer to consumer, as may happen in wholesaling and retailing, pest control, or entertainment. The goods may be transformed in the process of providing the service, as happens in the restaurant industry. However, the focus is on people by interacting with people and serving the customer rather than transforming the physical goods.
THE FIVE ECONOMIC SECTORS
- Peasant Labour - "raw materials" via extraction, mining, agriculture, farming, livestock
- Blue Collar - "manufacturing" via industrial processing, construction, engineering, turning raw materials into finished products
- Rentseekers - "services" via supply chains, support, transport, distribution, retail, wholesale, entertainment, value-added services
- White Collar - "information technology" via computing, media, research and development, financiers, science, civil service
- Gold Collar - "executive apex" via government, large charities, CEO and CTOs, senior businessmen, research scientists, barristers, judges and other decision makers defining policy impacting lives at scale