Digital Economy

Digital Economy
It refers to an economy based on digital technologies and whose customers and other businesses are better informed and able to communicate as a result of information technology. It emphasizes on the convergence of telecommunications via the internet which results in the flow of information which stimulates electronic commerce and online transactions. The digital economy is flooded with digital products and services.

DIFFERENCE BETWEEN 'OLD ECONOMY' AND 'DIGITAL ECONOMY'

	OLD ECONOMY

Regular travel from residence's place to work place for work to be done. Uses cubicles,that is, partially enclosed workspace. Gatekeepers-control access to everything. Economies of scale- arise when the cost per unit falls as output increases. Trade secrets- information that companies keep secret to give them advantage over their competitors.
DIGITAL ECONOMY
Utilizes new technology that allows user to live and work wherever they want-be it home, internet cafe or anywhere in the world. Digital nomads- allows user to essentially work from anywhere in the world using a computer. Gatejumpers. Diseconomies of scale- its businesses grow so large that the costs per unit increases. Transparency- free and open exchange whereby the rules and regulations behind regulatory measures are fair and clear to all participants.