Which concept describes an economy in which most jobs are devoted to the creation of services rather than manufactured goods?

• A. Service
• B. Property
• C. Service economy
• D. Tangible

Answer: (C)

A service economy describes an economy where most jobs and economic activity focus on services rather than producing tangible goods. In modern economies, sectors like healthcare, education, finance, technology services, and hospitality dominate employment and output, even though manufacturing still exists. This shift reflects the value-added nature of services, which rely on expertise, information, and experiences rather than physical goods. The other terms don’t capture the overall structure: a service is an activity, property relates to ownership, and tangible refers to physical objects, not the balance of jobs between services and manufacturing.