economic services

Economic services are intangible products that are useful to people but typically require payment. They are distinct from tangible goods and encompass a wide range of activities such as banking, communication, retail, professional services, and government functions. The service industry has grown significantly, especially in developed countries, now constituting a major portion of the global gross domestic product (GDP) and employing a substantial part of the labor force.12

Economic sociology, on the other hand, applies sociological methods to analyze the production, distribution, exchange, and consumption of goods and services. It emphasizes how economic actions are shaped by social interactions, power dynamics, culture, organizations, and institutions, often viewing the economy as embedded within social and political structures. Key figures in economic sociology include Karl Marx, Max Weber, Émile Durkheim, and Karl Polanyi, who explored the interplay between economic systems, social change, and the role of the state. Contemporary economic sociology, often termed "new economic sociology," highlights the embeddedness of economic action within social networks and relationships.3