<Dd> Inseparability--production and consumption cannot be separated (compared with goods where production and consumption are entirely discrete processes) </Dd> <Dd> Implications of inseparability: Services are typically high contact systems and are labour - intensive; fewer opportunities to transact business at arm's length, fewer opportunities to substitute capital for labour; subject to human error . </Dd> <Dl> <Dd> Perishability--service performances are ephemeral; unlike physical goods, services cannot be stored or inventoried . </Dd> <Dd> Implications of perishability: Demand is subject to wide fluctuations, no inventory to serve as a buffer between supply and demand; unused capacity cannot be reserved; high opportunity cost of idle capacity . </Dd> </Dl> <Dd> Perishability--service performances are ephemeral; unlike physical goods, services cannot be stored or inventoried . </Dd>

Describe the importance and growth of service industry