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The Impact of Social Media on the Economy

Topic: Economics
Words: 436 Pages: 1
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Table of Contents
  1. Social Media
  2. Importance and Effects of Social Media on the Households
  3. Importance and Effects of Social Media on the Business
  4. Importance and Effects of Social Media on the Government
  5. Reference

  • Title of the Article: Analysis of the Impact of Social Media on the Economy
  • Publication Name: Atlantis Press
  • Author: Cui, Zheyu
  • Date: 15 December 2021
  • Economic Subject and Relevant Chapter: The 2021 3rd International Conference Proceedings, Chapter 2: The Development of Social Media.

Social Media

The article analyzes social media’s effects on the economy, focusing on how it promotes economic growth. The paper aims to show how social media, for instance, the use of Tik Tok can impact the economy in many ways across different geographic areas, with the aid of algorithms, and how they integrate well with social media (Cui, 2021). In the author’s opinion, social media has increased the chances for international trade and may increase GDP levels. Living and conducting business in a new way is now possible through social media, and this trend will only continue to grow.

Importance and Effects of Social Media on the Households

Social media can make it simpler for people to communicate with friends and family because it instantly connects individuals. It lowers the unemployment rate by creating new jobs and saving money. Users can obtain endorsements and promotion money for shared goods or services by uploading a short (Cui, 2021). A government organization using social media can engage with citizens directly, individually, and efficiently. These new platforms can be a tremendous tool for parents to communicate with their kids, especially with their teenage kids, who are notoriously more brutal to link.

Importance and Effects of Social Media on the Business

Social media helps businesses boost their purchasing power. For instance, using Tik Tok and Televisions saves substantial marketing expenditures. It also reduces barriers to potential sourcing consumers worldwide and enhances international trade. It raises brand exposure among potential customers, maintains engagement, and quickly addresses client demands (Cui, 2021). It is also a good tool for analyzing how rivals use social media to advance their businesses. Social media platforms enable gathering first-hand customer input to enhance brand perception, reputation, and customer relationships.

Importance and Effects of Social Media on the Government

Social media is an excellent platform for connecting with supporters, launching campaigns, spreading awareness of causes, and serving as a crucial tool for crisis communications. One of social media’s most important benefits is that it allows governments to disseminate crucial information during times of crisis. In addition, people that use social media often are from middle- or high-income households and tend to congregate in urban areas. These people pay taxes to the government, which helps the country’s economic growth (Cui, 2021). Furthermore, a government organization using social media can engage with citizens more individually and efficiently.

Reference

Cui, Z. (2021). Analysis of the impact of social media on the economy. Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021), 3062–3066. Atlantis Press.