English

Define services. - Economics

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Question

Define services.

Definition
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Solution

Service is a type of economic activity performed by one individual or organization for the benefit of another.

It is intangible (non-material) and does not have a physical existence. 

Services are produced and consumed simultaneously and cannot be separated from their providers.

Examples of services include the work of doctors, teachers, engineers and activities like banking, insurance and transport.

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Chapter 3: Basic Concepts of Economics - QUESTIONS [Page 50]

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J. P. Goel and Kaushal Goel Economics [English] Class 9 ICSE
Chapter 3 Basic Concepts of Economics
QUESTIONS | Q 2. | Page 50
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