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v. t. e. A virtual economy (or sometimes synthetic economy) is an emergent economy existing in a virtual world, usually exchanging virtual goods in the context of an online game, particularly in massively multiplayer online games (MMOs). People enter these virtual economies for recreation and entertainment rather than necessity, which means ...
In economics, a network effect (also called network externality or demand-side economies of scale) is the phenomenon by which the value or utility a user derives from a good or service depends on the number of users of compatible products. Network effects are typically positive feedback systems, resulting in users deriving more and more value ...
Digital economy. The digital economy is a portmanteau of digital computing and economy, and is an umbrella term that describes how traditional brick-and-mortar economic activities (production, distribution, trade) are being transformed by the Internet and World Wide Web technologies. [1][2] The digital economy is backed by the spread of ...
Virtual goods. Virtual goods are non-physical objects and money purchased for use in online communities or online games. Digital goods, on the other hand, may be a broader category including digital books, music, and movies. [1] Virtual goods are intangible by definition. [2]
An avatar in the virtual world Second Life User-generated content in the virtual world Second Life. Second Life has an internal economy and closed-loop virtual token called the "Linden dollar (L$)". L$ can be used to buy, sell, rent or trade land or goods and services with other users.
The Market for Lemons. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism" [1] is a widely cited seminal paper in the field of economics which explores the concept of asymmetric information in markets. The paper was written in 1970 by George Akerlof and published in the Quarterly Journal of Economics.
Business and economics portal. v. t. e. Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market. Traders generally negotiate through a medium of credit or exchange, such as money.
v. t. e. Information economics or the economics of information is the branch of microeconomics that studies how information and information systems affect an economy and economic decisions. [1] One application considers information embodied in certain types of commodities that are "expensive to produce but cheap to reproduce." [2]