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Essay text:
Accounts for more than $3bn in output and contribute 60% of GNP. 60% of services are consumed by the final consumer. The increase in the service sector is a result of long term growth in the US economy deriving demand for additional services like; Travel , Financial services, Entertainment, Personal care etc.
There are five characteristics to a service;
1. Lack of ownership: You cannot own and store a service like you can a product. Services are used or hired for a period of time. For example when buying a ticket to the USA the service lasts maybe 9 hours each way , but consumers want and expect excellent service for that time...
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