Service

Definition

Service. 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

Sometimes services are difficult to identify because they are closely associated with a good; such as the combination of a diagnosis with the administration of a medicine. No transfer of possession or ownership takes place when services are sold, and they (1) cannot be stored or transported, (2) are instantly perishable, and (3) come into existence at the time they are bought and consumed.

Example

Services include intangible products, such as accounting, banking, cleaning, consultancy, education, insurance, expertise, medical treatment, or transportation services.

See Also

• http://www.businessdictionary.com/definition/services.html
• http://www.investorwords.com/6664/service.html

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.