Talking about the Digital Economy in English

In this English lesson you will learn some of the key words we use when talking about the DIGITAL ECONOMY in English.

This vocabulary will be useful if you are preparing for an English exam like IELTS, First Certificate or Advanced.

The economy

Today we live in a collaborative economy where people work together to create and share ideas.

Services like music and television streaming are now available on demand. That means that you can watch your favourite shows and listen to your favourite music when and where you like. Spotify and Netflix are examples of this.

We also live in a service-based economy where ride-sharing and home-sharing apps are commonplace. Have you ever taken an Uber ride home?

The world is now full of internet entrepreneurs, minipreneurs, solopreneurs and e-preneurs. These are people that start businesses and create jobs in the new economy.

A new type of worker has also emerged. Digital nomads are people that can work on a computer from any location.

Many new companies are start-ups that have found financing through crowdfunding or crowdsourcing. This means that they get the money for their business by asking people online.

Peer-to-peer lending is also a way for potential businesses to get money.

One of the bad things about the new economy is the gig economy. Services like Deliveroo or Uber Eats are often accused of exploiting their workers and not giving them workers’ rights.

Finance

In the last few years, digital, or cryptocurrencies, have become popular. Many people have made and lost fortunes on things like Bitcoin or Ripple.

Financial technology companies, also called Fintechs, have also become popular. Everybody can do their banking straight from their mobile phones.

Problems

A lot of the technology available nowadays is called disruptive technology because it challenges the traditional economy. Banks, for example, have competitors that didn’t exist before.

The digital divide also becomes a problem as some people have trouble adapting to new technology and are excluded from it.

People that cannot adapt are called digital dinosaurs.

Please watch the lesson for more words and ideas related to the digital economy.

Here’s another English lesson to look at.

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