Understanding Services and Trade: A Comprehensive Guide
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Understanding Services and Trade
What are Services?
Services encompass all activities that do not directly produce tangible goods but fulfill people's wants and needs. In developed countries, the service sector, also known as the tertiary sector, contributes over 70% of wealth and employment.
Types of Services
Services can be categorized into two main types:
- Public Services: Financed by the state through taxes.
- Private Services: Offered by private companies or individuals.
Location of Services
Traditionally, services were primarily located in urban areas. However, with advancements in technology, many advanced services, particularly those involving new technologies, are concentrated in business districts within metropolitan areas.
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