What is the Digital Economy? An economy focused on digital technology

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What is the Digital Economy?
An economy focused on digital technology or one built on digital and computing technologies is referred to as a digital economy. It includes all commercial, economic, social, cultural, etc. activities that rely on the internet and other forms of digital communication.
 The three primary parts of this economy are as follows:

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  E-business
  
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  Web-based business systems
  
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  E-commerce
  

The term "digital economy" describes an economic activity that employs digital technologies and electronic communication to offer goods and services. The fundamental elements of the digital economy include:

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  The Internet: Due to this, businesses may sell their products, and customers can browse for anything they need.
  
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  E-mail: Electronic communication makes it possible to communicate instantly and cheaply around the globe. Requests and information can be sent very fast using this method.
  

Electronic automation: Computer processing power can be used by businesses to decide on output, pricing, and consumer outreach strategies.

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  Digital payments: include bank transfers, bit coin, credit cards, Apple Pay, and Google Pay. We are heading toward a cashless society thanks to the internet economy.
  The digital economy increasingly depends on artificial intelligence, widespread electronic data utilization, automated technology, and social media. Social media is, to a lesser extent, a component of the digital economy. People who use it recommend businesses to one another.
  

We have witnessed the enormous development of digital platforms and their impact on our lives over the past decade. Consumers today are impacted by what they see on social media platforms like Facebook, Twitter, and Instagram, as well as other widely used websites (you tube, etc).
The traditional economy is composed of actual stores, tangible products, and cash transactions. The traditional economy has gradually incorporated elements of the digital economy, such as traditional businesses accepting debit cards before conducting online sales.
Some businesses missed the opportunity to sell directly from an e-commerce site and deliver their products to customers as the digital economy developed. Some digital services no longer offer tangible products. For instance, Netflix and Spotify don't require any physical items to function because everything is broadcast over the internet.

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   Key words with definitions