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Facebook: Impact of Technology and Economics

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Please help me complete an analysis of Facebook and its relation to economics. Be sure to discuss how Facebook has both impacted and been impacted by the technological and other changes that comprise a low-friction economy as well as in terms of supply and demand, elasticity, and other basic economic disciplines. Also, help me find proper outside sources for this topic and create footnotes and a proper bibliography.

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Solution Summary

The solution analyzes the famous social networking site--Facebook.

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With its numerous features, Facebook has created a niche of its own. It has even swallowed other competing social networking sites. Whether we like it or not, Facebook has already influence the world's economic geography.

Morejon (2010) compiled economic facts about Facebook:

1. There are 500,000,000+ users of Facebook. Of those, 200 million users use it daily for an average of 55 minutes a day. If those users were all working for $5 an hour instead of going on Facebook, they would collectively earn $916,000,000 a day.
2. In Q1 2010, 176 billion display ads were posted on Facebook, 16 percent of the display ad market. Facebook says its advertisers have quadrupled since 2009.
3. If Facebook were a country, it would be the third most populous in the world after China and India. Today's valuation of Facebook is $7.9-$11 billion.

Facebook estimates that it benefits the UK to the tune of more than £2bn a year, including the development of an almost £500m "app economy" that has ...

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