Services are intangible actions performed for others' benefit rather than producing physical goods. It encompasses various industries like healthcare, education, transportation, and finance.
Related terms
Quaternary Sector: This sector involves knowledge-based activities like research and development, information technology, or consulting services.
Quinary Sector: The highest level in the economic hierarchy includes high-level decision-making roles in government, business organizations, or scientific research.
Retail Industry: A specific industry within the service sector focused on selling consumer goods directly to customers.