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The service provider must deliver the service at the exact time of service consumption. The service is not manifested in a physical object that is independent of the provider. The service consumer is also inseparable from service delivery. Examples: The service consumer must sit in the hairdresser's chair, or in the airplane seat.
Service economy can refer to one or both of two recent economic developments: The increased importance of the service sector in industrialized economies. The current list of Fortune 500 companies contains more service companies and fewer manufacturers than in previous decades. The relative importance of service in a product offering.
Goods are items that are usually (but not always) tangible, such as pens or apples. Services are activities provided by other people, such as teachers or barbers.Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade.
Business services are a recognisable subset of economic services, and share their characteristics.The essential difference is that businesses are concerned about the building of service systems in order to deliver value to their customers and to act in the roles of service provider and service consumer.
Service industries are those not directly concerned with the production of physical goods (such as agriculture and manufacturing). Some service industries, including transportation , wholesale trade and retail trade are part of the supply chain delivering goods produced in the agricultural and manufacturing sectors to final consumers.
Service (business), an aggregation of a service engagement with one or more service acts between two or more service systems creating service outcomes Service (economics), the non-material equivalent of a good in economics and marketing, within a service–product continuum
Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) [1] [2] is a social science that studies the production, distribution, and consumption of goods and services. [3] [4]Economics focuses on the behaviour and interactions of economic agents and how economies work.
The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods that can be exchanged. From this analysis came the concepts value in use and value in exchange.