Question

What is a service economy?

A service economy is an economy with lax governmental intervention in any service jobs, allowing the service market to develop rapidly.
A service economy is an economy with greater economic output in services than in goods.
A service economy is an economy with heavy governmental intervention in any service jobs, which does not allow the service market to develop.
A service economy is an economy with greater economic output in goods than in services.

Answer 1

[AI-generated answer — Bot GPT 3.5]

A service economy is an economy with greater economic output in services than in goods. In a service economy, the primary focus is on providing services such as healthcare, education, banking, hospitality, and consulting, rather than producing physical goods. This shift towards services can lead to changes in employment patterns, skill sets, and consumption habits within a country or region.