A service economy is an economic system where the majority of economic activities revolve around providing intangible services rather than producing tangible goods.
Related terms
Consumerism: A cultural ideology that encourages excessive buying and consumption as a way to achieve happiness and fulfillment.
Tertiary sector: Also known as the service sector, it includes industries such as retail, healthcare, education, transportation, and tourism.
Knowledge-based economy: An economy that relies heavily on intellectual capital and knowledge-intensive industries such as research and development.