Which term describes the economy that revolves around providing intangible services such as restaurant work, health-care provision, higher education, legal advice, computer tech support, and massage?

It describes the service sector, also called as tertiary sector which is the third of the three traditional economic sectors. The service sector provides service not an actual product that could be held in hand. Undertakings in the service sector comprise hotels, banks, trade, real estate, social work, education, health, media, recreation, computer services, electricity, communications, gas and water supply.

One sample of this are banks which left over big changes in the late 20th century with the use of information and communication technology, banks have massively condensed the number of people they need to employ, and dropped the cost of provided that bank service. For example, an ATM is capable to deliver basic banking services 24 hours a day, 7 days a week, in many dissimilar places. Before this, banking facilities were only accessible from the bank once it was open. Many banks and building civilizations have combined together to form much lesser cost businesses that can make a lot of money from a broader customer base. The important to this procedure is in advance of data about their customers and continually approaching up with innovative services for them.