Service (economics)

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Author : Minds Metricks

May 22, 2019

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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.

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