A service is any intangible offering that involves a deed, performance, or effort that:

cannot be physically possessed.

is high-priced.

is supported solely through advertising.

can be transformed into a physical product.

offers benefits but not costs.

cannot be physically possessed.

Explanation:

Services are the intangible, non-physical benefits enjoyed at a fee. Like goods, services are transactions that may be offered by a part to another however, unlike goods, services cannot be touched or handled.

Examples of services include repairs, maintenance, medical checkup, haircut, teaching, Legal representation in a court of law etc.

As such, revenue may be earned from the sale of goods or rendering of services.

(A) cannot be physically possessed

Explanation:

A service is any intangible offering that involves a deed, performance, or effort that cannot be physically possessed.

A service is a transaction in which no physical good is transferred to the buyer.

Some of the major properties of Services are:

Intangibility Perishability Uniqueness

Examples of services are Education, Consultancy, Repair and maintenance services, Electricians, Plumbing, Law enforcement (provides the service of identifying and apprehending criminals) etc.