[Toddsterpatriot]

SERVICE: An activity that provides direct satisfaction of wants and needs without the production of a tangible product or good. Examples include information, entertainment, and education. This term good should be contrasted with the term good, which involves the satisfaction of wants and needs with tangible items. You're likely to see the plural combination of these two into a single phrase, "goods and services," to indicate the wide assortment of economic production from the economy's scarce resources.

So, let me get this straight, Hollywood produces "entertainment" and sells movies all over the world making billions of dollars and this doesn't create wealth?

Wealth is created only by engaging in value-added activities. By the same token, Service sector activities do not create wealth, they merely transfer, redistribute and eventually dissipate wealth as consumption. Thus, as value-added activities move offshore and the U.S. labor force shifts to the Service Sector, wealth is dissipated, not created. And the U.S. standard of living declines as a result.

If we didn't have any "value-added" activities left in the U.S., we wouldn't need to import steel, or make any, so why do we need steel tariffs?

[Willie Green]

So, let me get this straight, Hollywood produces "entertainment" and sells movies all over the world making billions of dollars and this doesn't create wealth?

Actually, Hollywood manufactures a product: exposed film in a can. (Along with video tapes, DVDs, etc.) There is quite a bit of labor involved with the manufacture of this exposed film. It is value-added and creates wealth. It's not a service.

Interestingly, if not for the transformation of the exposed film, the acting, directing, etc. would be a service. And as is typical of service jobs, the performance would have to be repeated over and over and over and over again, for low pay, for anybody to make any kind of living.