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in Introduction To Micro-Economics by (48.5k points)
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Elucidate different features of services?

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Along with goods, services are produced and consumed. They are generally, possess the following:

1. Intangible:

  • Intangible things are not physical objects but exist in connection to other things for example, brand image, good will etc.
  • The intangible things are converted and stored into tangible items such as recording a music piece into a pen – drive.

2. Heterogeneous:

  • Services vary across regions or cultural backgrounds.
  • A single type service yields multiple experiences, e.g., music, consulting physicians etc.

3. Inseparable from their makers:

  • Services are inextricably connected to their makes. For example, labour and labourers are inseparable.

4. Perishable:

  • Services cannot be stored as inventories like assets.
  • For example, it is useless to possess a ticket for a cricket-match once the match is over.
  • It cannot be stored and it has no value-in-exchange.

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