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The word Digital describes electronic technology that generates, stores, and processes data in terms of two states: positive and non-positive. Positive is expressed or represented by the number “1” and non-positive by the number “0”. Thus, data transmitted or stored with digital technology is expressed as a string of 0’s and 1’s. Each of these state digits is referred to as a bit (and a string of bits that a computer can address individually as a group is a byte).
Prior to digital technology, electronic transmission was limited to analog technology, which conveys data as electronic signals of varying frequency or amplitude that are added to carrier waves of a given frequency. Broadcast and phone transmission has conventionally used analog technology.
Digital technology is primarily used with new physical communications media, such as satellite and fiber optic transmission. A modem is used to convert the digital information in your computer to analog signals for your phone line and to convert analog phone signals to digital information for your computer.
The economy
The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity. The essential task of an economy is to transform resources into useful goods and services (the act of production), then distribute or allocate these products to useful ends (the act of consumption). Virtually all economies accomplish this task through a combination of decisions made through voluntary market exchanges and involuntary government rules and regulations.
The Digital Economy
Thus, the digital economy refers to an economy that is based on digital technologies, including digital communication networks (the Internet, intranets, and private value-added networks or VANs), computers, software, and other related information technologies. The digital economy is also sometimes called the Internet economy, the new economy, or the Web economy.
In this new economy, digital networking and communication infrastructures provide a global platform over which people and organizations devise strategies, interact, communicate, collaborate, and search for information. A vast array of digitizable products databases, news and information, books, magazines, TV and radio programming, movies, electronic games, musical CDs, and software which are delivered over the digital infrastructure any time, anywhere in the world Consumers and firms conducting financial transactions digitally-through digital currencies or financial tokens carried via networked computers and mobile devices Physical goods such as home appliances and automobiles, which are equipped with microprocessors and networking capabilities.
The term digital economy also refers to the convergence of computing and communication technologies on the Internet and other networks, and the resulting flow of information and technology that is stimulating e-commerce and vast organizational change. This convergence enables all types of information (data, audio, video, etc.) to be stored, processed, and transmitted over networks to many destinations worldwide. The digital economy has helped create an economic revolution, which was evidenced by unprecedented economic performance and the longest period of uninterrupted economic expansion in history from 1991 until 2007.
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