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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]
The media industry is an example of the information economy. Information economy is an economy with an increased emphasis on informational activities and information industry, where information is valued as a capital good. [1] The term was coined by Marc Porat, a graduate student at Stanford University, who would later co-found General Magic.
Service (economics) A restaurant waiter is an example of a service-related occupation. A service is an act or use for which a consumer, company, or government is willing to pay. [ 1] Examples include work done by barbers, doctors, lawyers, mechanics, banks, insurance companies, and so on.
In economics, a public good (also referred to as a social good or collective good) [1] is a good that is both non-excludable and non-rivalrous. Use by one person neither prevents access by other people, nor does it reduce availability to others. [1] Therefore, the good can be used simultaneously by more than one person. [2]
v. t. e. Surgery team at work. The quaternary sector of the economy is based upon the economic activity that is associated with either the intellectual or knowledge-based economy. [1] This consists of information technology; media; research and development; information-based services such as information -generation and information-sharing; and ...
Information good. Information goods are commodities that provide value to consumers as a result of the information it contains and refers to any good or service that can be digitalized. [1] Examples of information goods includes books, journals, computer software, music and videos. [2] Information goods can be copied, shared, resold or rented. [3]
Information asymmetry. Diagram illustrating the balance of power with perfect information by buyers and sellers. In contract theory, mechanism design, and economics, an information asymmetry is a situation where one party has more or better information than the other. Information asymmetry creates an imbalance of power in transactions, which ...
Service economycan refer to one or both of two recent economic developments: The increased importance of the service sectorin industrialized economies. The current list of Fortune 500companies contains more service companies and fewer manufacturers than in previous decades. The relative importance of service in a product offering.