What is a service economy?

The service economy is an important part of the global economy that drives economic activity through providing services rather than manufacturing goods. Learn more about the service economy. The service economy is an important part of the global economy that drives economic activity through providing services rather than manufacturing goods.

What are services in economics?

Definition and meaning 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.

What is a service based economy?

service-based economy, a transition that is also connected with subsequent societal restructuring. Postindustrialization is the next evolutionary step from an industrialized society and is most evident in countries and regions that were among the first to experience the Industrial Revolution, such as the United States,…