Services are the non-physical, intangible parts of our economy, as opposed to goods, which we can touch or handle. Services, such as banking, education, medical treatment, and transportation make up the majority of the economies of the rich nations. They also represent most of the emerging nations’ economies.

A service is an act or use for which a consumer, firm, or government is willing to pay. Examples include work done by barbers, doctors, lawyers, mechanics, banks, insurance companies, and so on. Public services are those that society (nation state, fiscal union or region) as a whole pays for.

The service sector produces intangible goods, more precisely services instead of goods, and according to the U.S. Census Bureau, it comprises various service industries including warehousing and transportation services; information services; securities and other investment services; professional services; waste management; health care and social assistance; and arts, entertainment, and recreation.

A service business provides a skilled service, personal labor, or expertise instead of a physical product. This includes hairstylists, accountants, plumbers, doctors, and many more examples. These services exist to help people who don’t have the time, knowledge, or skills to complete the tasks themselves.