Service economy

The service economy is an economy that is made up of businesses that provide services instead of goods. For example, when you go to a restaurant, you are buying a service (the food they prepare) instead of a good (the food itself). Another example is when you get a haircut from a barber, you're buying their service instead of the actual haircut. These services are things that people need and want and businesses provide them for a fee. Everyone benefits because people get what they need and the businesses make money.