B. Services in the Global Economy 1. The service economy , or the service sector, refers to the segment of a nation's economy represented by services of all kinds. The health services category will continue to expand as baby boomers age and look for medical advice and treatment.
Business services help organizations keep their operations running smoothly.
Service are also a major factor in the global economy. World trade in services has been growing more quickly than trade in goods. The Goods-Services Continuum 1. In many cases the value package blends some tangible and intangible elements. The goods-services continuum is a tool for classifying products according to their tangibility.