service

Definition

A type of economic activity that is intangible, is not stored and does not result in ownership. A service is consumed at the point of sale. Services are one of the two key components of economics, the other being goods. Examples of services include the transfer of goods, such as the postal service delivering mail, and the use of expertise or experience, such as a person visiting a doctor.

Use service in a sentence

The consulting company provides a comprehensive service to new businesses looking to enter the european market including legal advice and market research.

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The service from the fancy restaurant was very courteous and the waitress was polite to us during the entire dinner along with other hosts in the restaurant.

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If you purchase an extended warranty on ABC Company's equipment they guarantee to provide expertly trained service technicians to repair or replace your product if it should break down.

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direct material cost exchange