Question

In economics, activities done for others, such as providing house cleaning or dental work, are referred to as

Answer 1

In economics, activities done for others, such as providing house cleaning or dental work, are referred to as services. Services are also a part of economy which are produced and consumed at the same time. Services are intangible and one can only feel them. In many developed economies, services form a greater part of economy than goods.

Answer 2

In economics, activities done for others, such as providing house cleaning or dental work, are referred to as services. Tangible merchandise on the other hand are referred to as goods. When firms produce services at the lowest cost productive efficiency is achieved.