Service
Overview
In economics
, a service is an intangible commodity
. More specifically, services are an intangible equivalent of economic goods.
Service provision is often an economic activity where the buyer does not generally, except by exclusive contract, obtain exclusive ownership
of the thing purchased. The benefits of such a service, if priced, are held to be self-evident in the buyer's willingness to pay for it.
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
, a service is an intangible commodity
Commodity
In economics, a commodity is the generic term for any marketable item produced to satisfy wants or needs. Economic commodities comprise goods and services....
. More specifically, services are an intangible equivalent of economic goods.
Service provision is often an economic activity where the buyer does not generally, except by exclusive contract, obtain exclusive ownership
Ownership
Ownership is the state or fact of exclusive rights and control over property, which may be an object, land/real estate or intellectual property. Ownership involves multiple rights, collectively referred to as title, which may be separated and held by different parties. The concept of ownership has...
of the thing purchased. The benefits of such a service, if priced, are held to be self-evident in the buyer's willingness to pay for it.