The role of social media in economy - selected issues in microeconomic consideration

Iwona Lupa-Wójcik ()
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Iwona Lupa-Wójcik: Pedagogical University of Krakow

No 9912340, Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences

Abstract: The growing importance of social media in the economy has been observed for a long time already. Their impact is multidimensional and applies to all sectors: private, public and non-governmental. This article focuses on selected microeconomic aspects. The author has considered the impact of social media on businesses and consumer behavior. It was determined how social media enables enterprises to interact with consumers and affect demand and supply, including the phenomenon of prosumption. Thus, it can be assumed that social media affect the economic equilibrium. In addition, social media allows to optimize operating costs and enable more efficient use of resources. They also have a real impact on consumer decisions. Thanks to the case study method, it was possible to show the significant role of social media in the economy in a microeconomic perspective.

Keywords: social media; social media economy; microeconomy; consumer decisions (search for similar items in EconPapers)
JEL-codes: A10 D19 M21 (search for similar items in EconPapers)
Pages: 1 page
Date: 2019-10
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Published in Proceedings of the Proceedings of the 52nd International Academic Conference, Barcelona, Oct 2019, pages 174-174

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Persistent link: https://EconPapers.repec.org/RePEc:sek:iacpro:9912340

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