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

Author

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  • Iwona Lupa-Wójcik

    (Pedagogical University of Krakow)

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.

Suggested Citation

  • Iwona Lupa-Wójcik, 2019. "The role of social media in economy - selected issues in microeconomic consideration," Proceedings of International Academic Conferences 9912340, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iacpro:9912340
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    File URL: https://iises.net/proceedings/international-academic-conference-barcelona/table-of-content/detail?cid=99&iid=032&rid=12340
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    More about this item

    Keywords

    social media; social media economy; microeconomy; consumer decisions;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • D19 - Microeconomics - - Household Behavior - - - Other

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