What is Digital Economy? Meaning, Advantages & Disadvantages All economic transactions that occur on the internet involve Digital economy, therefore it is the one collective term for all economic transactions. It is also known by different names such as the Web Economy or the Internet Economy. As we know the world is continually changing, With the advent of technology and the process of globalization, digital transformation with the digital as well as traditional economies is emerging in the world.
What is Digital Economy? Digital economy is defined as the economic activity which arises as a result of billions of everyday online connections among people, businesses, devices, data, and processes. In other words, you can say that it is an economy that focuses on digital technologies that are based on digital and computing technologies. Thus, there is no specific digital economy definition. So, it includes activities that are supported by the web and other digital communication technologies and namely include business, economic, social, cultural activities.
There are three main components of the Digital economy which are:
Advantages of Digital Economy ● Promotes Use of the Internet ● Rise in E-Commerce ● Digital Goods and Services ● Transparency
Disadvantages of Digital Economy ● Loss in Employment ● Lack of Experts ● Heavy Investment
Conclusion The concept “global economy� refers to all economic transactions done on the internet. Though with the coming of digital economy competition and productivity has increased in the market. Moreover, it drives innovation and job opportunities, as well as economic growth, is achieved. Thus, you need to understand the digital economy as a whole and the impact of the digital economy as a whole for a better and developed future. Read Here a full blog:- https://financeninsurance.com/digital-economy/