What is a SHARING Economy?

A sharing economy is a network based primarily on the mutual resources, which supports people in getting their hands on supplies whenever needed. It is a modern day technique that allows people to get their desired commodities without having to purchase or own them.  For a sharing economy, it is almost mandatory for people to be allowed to cash in on their valuable that they were not making full use of. From being a simple method of trading goods, it has now become the source of making banks for several companies. Apart from only being a business, it helps in making new contacts, and adds to the efficiency. Over the past few years, it has been argued whether a sharing economy is about ‘sharing’ only. The ones that disagree suggest it is more of a ‘peer-to-peer business.’ A good example of this would be Airbnb; a firm that allows people to book hotels/rooms in across 190 countries online.

A sharing economy may include several elements; tradeoffs, mutual acquisitions, shared values, renting out goods, acquiring as loans, loading someone, and several similar aspects. Here, anyone could be the retailer, be that a person that runs a taxi, or one that merely cooks food. As commonly said, ‘what is mine is yours, but for a fee.’ The biggest advantage of getting into a sharing economy is that the possessor can earn good sums via underused goods. Important to note that here, value does not merely refer to fiscal terms; being cost-effective, environment friendly, and socially accepted add much to the worth of the goods. The whole idea is to promote the use of goods that are not being put into full use, and coproduce them to serve the needs of others while charging a fee for it.

Having started as only an online business back towards the start of 21^st century, with all the risk of frauds, it has definitely come a long way, allowing people to safely make purchases almost all over the world. And it would not be wrong to say that it has to potential to grown even more. 

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