A service is any intangible offering that involves a deed, performance, or effort that:

cannot be physically possessed.

is high-priced.

is supported solely through advertising.

can be transformed into a physical product.

offers benefits but not costs.

(A) cannot be physically possessed

Explanation:

A service is any intangible offering that involves a deed, performance, or effort that cannot be physically possessed.

A service is a transaction in which no physical good is transferred to the buyer.

Some of the major properties of Services are:

Intangibility Perishability Uniqueness

Examples of services are Education, Consultancy, Repair and maintenance services, Electricians, Plumbing, Law enforcement (provides the service of identifying and apprehending criminals) etc.

cannot be physically possessed.

Explanation:

Services are the intangible, non-physical benefits enjoyed at a fee. Like goods, services are transactions that may be offered by a part to another however, unlike goods, services cannot be touched or handled.

Examples of services include repairs, maintenance, medical checkup, haircut, teaching, Legal representation in a court of law etc.

As such, revenue may be earned from the sale of goods or rendering of services.