MANAGEMENT

Detailed explanation-1: -Services are intangible items that have monetary value and satisfy customers’ needs and wants. Examples of economic services are banks, movie theaters, and accounting services.

Detailed explanation-2: -Intangible items that have monetary value and satisfy your needs and wants are services. Intangible means you cannot physically touch an item. Services involve a task, such as cooking a hamburger or cutting hair. Banks, dry cleaners, and accounting offices all provide economic services.

Detailed explanation-3: -Services are intangible because they can often not be seen, tasted, felt, heard, or smelled before they are purchased. A person purchasing plastic surgery cannot see the results before the purchase, and a lawyer’s client cannot anticipate the outcome of a case before the lawyer’s work is presented in court.

Detailed explanation-4: -Tangible items (you can touch) that have monetary value; and satisfy your needs and wants. Intangible items (can’t touch) have have monetary value and satisfy your needs and wants.

Detailed explanation-5: -Goodwill is an unidentifiable intangible product that doesn’t have a distinct monetary value but has value nonetheless. Some examples of goodwill include reputation, research, customer loyalty, and branding.