Question

explain how social media impacts todays economy.

Answer 1

Social media has billions of people as its registered users and different trending ideas, make people to demand different products and services, on the basis of changed perception of the people. It makes demand forces to cause supply forces to produce those goods and services that are demanded. Hence, the shape of the economy, sectoral contribution to the economy and growth rate in economy is affected by the social media. It is the opportunity already identified by the company and their marketers already are influencing the purchase behavior of the people. A Facebook alone has 1.3 Billion users and it has a dedicated social media marketing platform that has more than 10 different types of ad campaigns. It facilitates social media marketing via Facebook and new trends and preferences being floated on Facebook, affect the consumer behavior. It ends with the changing sectoral contribution in the economy.

On a similar note, other social medial platforms also affect the economy.