Perishability refers to the characteristic of certain products or services that have a limited lifespan and can deteriorate or become unusable over time. This is especially relevant for items like fresh food, flowers, and medications, which can spoil or expire if not consumed or used within a specific timeframe. In the context of services, perishability means that they cannot be stored or saved for later use. For example, an empty seat on a flight or a hotel room that goes unbooked represents lost revenue, as these services cannot be resold once the time has passed.