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Service means “to provide” by definition. It somehow is known as providing aid, repair, dedication to God, skills to public and providing life to government serving as officer or soldier. We can say it is important in every aspect of life. Business and services go side by side as business is there to provide us with the service. If there is no service then there is no economy and no development of country and individual as a whole.
Services may vary, some do it for earning their living and some provide it to achieve kindness of their heart. If we talk about some terms like banking, accounting, insurance, education, cleaning, consultancy, medical treatment, transportation and expertise, all come under one single term as services. Some basic properties of services are that it cannot be stored and transported because they come into existence at the time when they are bought and consumed. It is hence a key the component of economy of the country.