Service sector

Definition of the service sector

What is the service sector? The service sector produces intangibles, specifically services instead of goods, and according to the US Census Bureau, it includes various service industries, including warehousing and transportation services; information services; securities and other investment services; professional services; Waste Management; health care and social assistance; and arts, entertainment and recreation. Countries whose […]

Service charge

Definition of Service Charges

What is a service charge? A service fee is a charge levied to pay for services related to the primary product or service purchased. Fees are usually added at the time of the transaction. Many industries collect service fees, including restaurants, banks, travel and tourism. When collected, these fees may cover services rendered to the […]