why service industry providing service and retail industry dealing in transfer and exchange goods?
why service industry providing service and retail industry dealing in transfer and exchange goods?
Service Industry:-As the name suggests, it is the industry which deals in services only, although it includes all process of accounting as in the retail industry.
For Example Shipping Industry, it provides service to movement of goods from one place to another.
It does not lead to any production of goods, therefore it treated as a service as it is not manufacturing any real goods and only serving intangible services.
Retail Industry:-It leads to the production of real products that are tangible in nature. Products manufactured have some saleable value in the market.
For Example:- Lamps produced by XYZ manufacturing has value in the market. Hence, considered in the retails industry.
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