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DIGITAL DIVIDE – FEATURES OF THE OLD AND NEW ECONOMIES
The Old Economy
Meaning of the Old Economy
The old economy is the economy system mainly based on subsistence farming, large scale economy based on commodity money. In the ancient times, for most people, the exchange of goods occurred through social relationship.
Features of the Old Economy
The following are the features of the old economy;
- Poor economic earnings
- Mechanical ways of production
- Poor technology which resulted in time wastage
- Intense labour based production
- Time constraint
- Scarcity of labour and low manpower development.
EVALUATION:
- State five features of the old economy
The New Economy
Meaning of the New Economy
The new economy is also known as the Digital Economy. It is a term used to describe the result of the transition from an industrial/manufacture-based economy (old economy) to high-growth industries that are on the cutting edge of technology and are the driving force of economic growth.
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