Service industry

Written by Fmi.Online Friday November 11, 2022
A service industry is an economic segment that provides certain intangible activity that fulfills a particular need. Companies within this industry perform tasks that are useful to their customers.

Explanation:

  • The service sector is the third sector of the economy, after raw materials production and manufacturing.
  • The service sector includes a wide variety of tangible and intangible services from office cleaning to rock concerts to brain surgery.
  • The service sector is the largest sector of the global economy in terms of value-added and is especially important in more advanced economies.

In a nutshell:

 
  • The service sector is the third sector of the economy, after raw materials production and manufacturing.
  • The service sector includes a wide variety of tangible and intangible services from office cleaning to rock concerts to brain surgery.
  • The service sector is the largest sector of the global economy in terms of value-added and is especially important in more advanced economies.
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