Final answer:
Services are economic products like goods but they are not tangible. They can be bought and sold and can be provided without a fixed physical location. Hence, a service is a type of product and is intangible.
Step-by-step explanation:
When asking, which of the following is true of a service, it's important to understand the nature of services in the context of economics and business. A service is indeed a form of economic product, similar to goods, but with distinct characteristics. Among the options provided:
- A service is a type of product - True, as services are considered economic products because they can be bought and sold.
- A service is intangible - True, services are not physical items that can be touched or held.
- A service cannot be consumed - False, while services are not consumed in a physical sense like goods, they are utilized or experienced by consumers.
- A service is always provided by a physical location - False, many services can be provided remotely or digitally, without a fixed physical location.
Therefore, the correct statements are that a service is a type of product and a service is intangible.