ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A service type of business provides intangible products (products with no physical form). Service type firms offer professional skills, expertise, advice, and other similar products. Examples of service businesses are salons, repair shops, schools, banks, accounting firms, and law firms.

Detailed explanation-2: -Intangible products-travel, freight forwarding, insurance, repair, consulting, computer software, investment banking, brokerage, education, health care, accounting-can seldom be tried out, inspected, or tested in advance.

Detailed explanation-3: -An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets. Intangible assets exist in opposition to tangible assets, which include land, vehicles, equipment, and inventory.

Detailed explanation-4: -Tertiary industry This broad sector, also called the service industry, includes industries that, while producing no tangible goods, provide services or intangible gains or generate wealth.

Detailed explanation-5: -Intangibility – Business services are intangible, i.e., they cannot be touched and are experiential.