In economics, which of the following is an example of a service?

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Multiple Choice

In economics, which of the following is an example of a service?

Explanation:
Getting a haircut is an example of a service because it’s the intangible action of a professional performing work for you to satisfy a need. You’re paying for the labor and expertise involved, not for a physical item you can own or store. Bread and a house are tangible goods—physical items that you can own, touch, and transfer. The distinction here is that services are about acts performed for customers, while goods are physical products.

Getting a haircut is an example of a service because it’s the intangible action of a professional performing work for you to satisfy a need. You’re paying for the labor and expertise involved, not for a physical item you can own or store. Bread and a house are tangible goods—physical items that you can own, touch, and transfer. The distinction here is that services are about acts performed for customers, while goods are physical products.

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