What is the service economy

Services

Generally

In contrast to the production of goods (material goods), one speaks of services intangible goods.

As a typical Characteristic of services the simultaneity of production and consumption is considered (e.g. taxi ride, hair care in a hairdressing salon, theater performance). Since the immediate, mostly personal Work performance of the producer makes up the essential content of the services here, only slight possibilities for increasing productivity are seen. This became the thesis of a general one Productivity lag of services versus the production of goods (three-sector hypothesis). In modern economies such tied services but only of relatively minor importance; rather, the dynamics of the service sector as a whole will depend on the development unbound services for which a temporal and spatial decoupling of production and consumption is quite characteristic. In the case of these non-tied services, to which in particular the production or business-related services belong (financial services, technical services), the use of technical aids (EDP, communication technologies) allows productivity increases that can be far above those of industrial production.

marketing

Service marketing.

Foreign trade

Service exports exist when residents provide services for foreigners. Imports of services are used when foreigners provide services for residents at home or abroad.

See also balance of payments, balance of services.

Official statistics

Statistical information on services is collected within the framework of service statistics. Service companies are surveyed whose focus is on economic activity in the economic sectors of transport and storage, information and communication, real estate and housing, the provision of professional, scientific and technical services, the provision of other economic services and the repair of data processing equipment and consumer goods department the economic branch classification (WZ 08).