What does sharing economy mean?

The sharing economy, also known as collaborative consumption or peer-to-peer-based sharing, is a concept that highlights the ability — and perhaps the preference — of individuals to rent or borrow goods rather than buy and own them.

What is another name for sharing economy?

While the term sharing economy is the term most often used, the sharing economy is also referred to as the access economy, crowd-based capitalism, collaborative economy, community-based economy, gig economy, peer economy, peer-to-peer (P2P) economy, platform economy, renting economy and on-demand economy, through at …

What is an example of a sharing economy?

An example of a car-sharing online marketplace is Uber. This Sharing Economy platform allows individual drivers to operate as a taxi service. Up to 4 people can find a ride that’s on the same route. Through this ride-sharing app, the passengers share the ride and the cost too.

How is the sharing economy characterized?

According to the Oxford English Dictionary, the sharing economy is defined as “an economic system in which assets or services are shared between private individuals, either for free or for a fee, typically by means of the internet.” Traditionally characterized as a peer-to-peer resource network, this model is most …

What does the term sharing economy refer to quizlet?

Sharing Economy Definition. Sharing of assets that would be underutilized if referred to a single individual, in exchange for monetary or non-monetary benefits.

Who coined the term sharing economy?

Supplies are low, while demand just keeps growing. The call for action was answered by one simple word: sharing. Collaboration. In the book entitled “What’s Mine Is Yours: The Rise of Collaborative Consumption” in 2010, Rachel Botsman and Roo Rogers first introduced the concept of shared social and economic activity.

Why is sharing economy important?

Significance of a Sharing Economy Sharing economies enable people and organizations to make money from underused resources. In a shared economy, unused assets such as parked vehicles and spare bedrooms can be leased out while not in service. Physical assets are thus exchanged as services.

What are three main critiques of the sharing economy?

Jobs in the sharing economy do not offer consumers or workers flexibility or options. Jobs in the sharing economy do not offer guaranteed minimum hours, legal protections, and other benefits. The sharing economy pressures individuals to charge for services they would otherwise give to friends and family for free.

What is the term for reductions taken in a company’s workforce as part of deindustrialization?

Downsizing. Reductions taken in a company’s workforce as part of deindustrialization. Economic System.

Why is the term sharing economy a misnomer?

The sharing economy is a harmful misnomer. It conflates people who actually share with those who make money through collaborative consumption. It is true that much of the work within the broad gamut of the sharing economy is important in terms of sustainability and worthy of further advocacy.

What makes sharing economy different?

Companies operating and profiting in the sharing economy differ because their model is based on abundance rather than scarcity. While brand values are important to platforms operating in this way, they are there to standardise services for paying customers, rather than to make them exclusive.

Why is sharing economy bad?

Trust-based commercial sharing also carries negative economic and social/psychological consequences for participating parties. The negative economic consequence consists of employment disadvantages for the providers, whereas the negative social/psychological consequences include bias and discrimination.