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Definition: Service

Services are economic activities offered by one part to another, typically incorporating time based performances to bring about the desired results in the recipients themselves or in objects and other assets for which the purchasers are responsible.

Generally, In return for their time, money and effort, service customers expect to obtain value from access to goods, skills, labour, networks and systems and facilities and normally don’t take ownership of any of the physical entities or elements involved.


Examples of the service industry are: Trade, Transport and Storage, Railways, Real Estate, Hotels and Restaurants, Defence, Community services, Insurance and Banking, Postal Service, Telecom etc.

Services have 4 major properties:

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