(economics) Economic activities–such as transportation, banking, insurance, tourism, space launching telecommunications, advertising, entertainment, data processing, consulting and the licensing of intellectual property–that are usually of an intangible character and often consumed as they are produced. Service industries have become increasingly important since the l920s. Services now account for more than two-thirds of the economic activity of the United States and about 25 percent of world trade.

Was this article helpful?

Related Articles

Need Support?

Can't find the answer you're looking for?
Contact Support