IB Digital Society 4.2 Economic Key Definitions

Making a physical object by building it up layer by layer from a digital design, allowing goods to be produced on demand close to where they are needed.

The use of software and algorithms, rather than human managers, to assign tasks, monitor performance, and make decisions about workers, common on gig and platform work.

The use of technology to perform tasks without human intervention.

Datasets so large, fast-moving, and varied that ordinary tools cannot store or process them, usually described by the four Vs: volume, velocity, variety, and veracity.

A shared, append-only record made of blocks linked by cryptographic codes, so that any later tampering is easy to detect and the data stays trustworthy without a central authority.

Paying for goods and services electronically rather than with physical cash, for example by card, bank transfer, or mobile app.

Using computing power, storage, and software that run on a provider's remote servers and are accessed over the internet, rather than on your own device, usually paid for as an ongoing service.

A digital currency secured by cryptography and recorded on a blockchain, which is not issued or controlled by any central bank or government.

The process by which local and distinct cultures become more alike, often as globally dominant media, platforms, and trends spread and crowd out smaller traditions.

The principle that data is subject to the laws of the country where it is collected or stored, and that nations should have control over data about their own people.

The concern that a few powerful, mostly foreign technology companies and countries come to control the digital infrastructure, platforms, and data of less powerful nations, creating new forms of dependence.

The degree to which people, places, and organizations are linked through digital networks such as the internet, allowing instant communication and exchange across distances.

The gap between people who have reliable access to digital systems and the skills to use them and those who do not, a gap that tends to follow existing lines of income, age, geography, and ability.

Products that exist only in digital form and are delivered online, such as e-books, apps, games, music files, and in-game items, rather than as physical objects.

A person who works remotely using digital systems while travelling or living in different places, rather than being tied to one fixed location for their job.

Technologies, applications, and platforms that create, store, process, and distribute digital data and information. Smartphones, social media platforms, AI assistants, and robots are all digital systems.

An app or service that stores payment details and money digitally on a phone or computer, letting a person pay, send, and receive funds without a physical card or cash.

The use of digital systems to change how an organization operates and delivers value, such as moving sales online or automating processes. It is broader than digitization, which is simply converting analogue information into digital form.

An innovation that creates a new market or business model and, over time, displaces established companies and ways of doing business, often by making a product or service cheaper or more accessible.

The buying and selling of goods and services over the internet, including online stores, marketplaces, and digital payment systems.

An economy in which people offer short-term services and commissions via digital technologies.

The worldwide network of people, companies, and steps that design, source, make, and deliver a product, coordinated across countries using digital systems.

Increased interconnectedness of the world, where goods, services, information, and people move more freely across borders.

A unique record stored on a blockchain that certifies ownership of a specific digital item, such as an image or video, even though the item itself can still be copied and viewed by anyone.