Category: Services

Services refer to a wide range of intangible activities or benefits that are offered by one party to another. Unlike goods, which are physical products that can be seen and touched, services are actions or performances that provide value to consumers. Services can encompass various sectors, including healthcare, education, entertainment, finance, and hospitality, among others.

They can be characterized by their intangibility, inseparability (services are often produced and consumed simultaneously), perishability (services cannot be stored for later use), and variability (the quality of services can vary depending on who provides them and when). Common examples of services include medical treatment, teaching, legal advice, and repair work.

In economic terms, services are a significant component of many modern economies, often constituting a large share of gross domestic product (GDP) and employment. They can be delivered in person, online, or through remote communication. The provision of services involves skills, expertise, and customer interaction, making service-oriented businesses fundamentally different from those that focus on physical goods.