Service (economics)

What is a Service?

A service is a transaction in which no physical goods are transferred from the seller to the buyer. The benefits of such a service are demonstrated by the buyer’s willingness to make the exchange. Public services are those that society (nation-state, fiscal union or region) as a whole pays for. Service providers benefit service consumers using resources, skill, ingenuity, and experience. Service is intangible. Services may be defined as acts or performances whereby the service provider provides value to the customer.

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