Eli5: What is service economy?

Question

I know that there are primary sector (raw resources) and secondary (manufacturing). The first one is deriving value from land (agriculture or digging stuff up). The second one is creating value by adding work (making chairs out of extracted metal). But service sector sounds like creating value out of thin air.

In: 0

Answer 1

Creating value out of skill and knowledge: nursing, teaching, engineers, housekeeping, waiters etc. All provide benefit to others who need or are willing to pay for their services.