What are services?
Services are economic activities that involve the offer of specialized work to meet the needs of other people or companies. Unlike products, which are tangible and can be touched, services are intangible and usually involve actions, knowledge or skills.
Services Characteristics
There are some characteristics that are common to services:
- Intangibility: Services cannot be seen, played or stored. They are experiences that occur at the moment they are provided.
- Inseparability: Services are produced and consumed simultaneously. The customer actively participates in the service process.
- Variability: Services may vary according to those who provide them and who receive them. Each interaction is unique.
- Precibility: Services cannot be stored. If they are not consumed at the moment they are offered, they get lost.
Examples of Services
There are several types of services that can be offered in different sectors of the economy. Some examples are:
- Health services such as medical consultations and exams;
- Education services, such as private classes and courses;
- Transport services such as taxis and mobility applications;
- Financial services such as banks and insurers;
- Food services, such as restaurants and delivery;
- Technology services, such as technical support and software development.
The importance of services in the economy
Services play a key role in a country’s economy. They represent a significant part of Gross Domestic Product (GDP) and generate jobs for millions of people. In addition, services are essential to meet the needs of the population and companies, contributing to development and social welfare.
Conclusion
Services are intangible economic activities involving the offer of specialized work to meet the needs of other people or companies. They have their own characteristics and play a fundamental role in the economy, generating jobs and contributing to social development.