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On a study of thirteen countries, internet related consumption and expenditure accounts for 3.4% of GDP on average. This is a larger contribution to economic growth than education, communication, or agriculture.
The internet has provided a standard platform for which global businesses and consumers can meet, encouraging every economy of the world to integrate. Competing with firms from every corner of the globe increases consumer options and encourages companies to develop a competitive edge. Consumers not only get more options, but they achieve a better relationship with sellers since they have methods of communication and access to information. In addition, companies that are looking to expand can connect with new markets to sustain growth.
Besides access to new markets, the internet has provided other resources that have helped small to medium sized companies not only survive, but grow at a faster rate. Competing against large firms and in industries with barriers to entry, start-up companies must tackle much opposition. By using the internet as an outlet, they can avoid the capital needs for a physical building and other property, plant, and equipment. In addition, it facilitates marketing in a more cost-efficient manner. The internet allows firms to reach global customers without having physical presence overseas or large expenditures to be represented there. Statistics show that these firms which rely heavily on web technologies grow and export twice as much. Small to medium sized companies are essential in any economy and foster innovation and development.
In essence, the free exchange of information and the exposure provided by the internet dissolves customary barriers, establishes competitive prices, and develops markets and sustains growth.
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