A Look at the Economy of the Future (Motiongraphic)The digital revolution means that marginal costs of production are approaching zero in many industries. Here's what it means going forward.
Opinions expressed by Entrepreneur contributors are their own.
First came the Industrial Revolution, which made it easier and less costly for companies to create products on a mass scale. Now, we're in the midst of the digital revolution, which has led to even greater efficiency. In many industries, the marginal cost of production has fallen to or close to zero. That has already been massively disruptive for many businesses and it promises to be even more so in the years to come.
Related:The Sharing Economy Holds Promise for More Goods to Be Offered at Near Zero Marginal Cost
These days, people have access to more and more information, which is pushing companies to be increasingly competitive. Individuals are also connecting with each other in real time all the time, unlocking a new economy being dubbed the "sharing economy." Companies like Airbnb, where individuals rent space in their bedrooms or homes to strangers in need of a place to stay, and Uber, where individuals drive around strangers in their car in lieu of taxi cabs, have been frontrunners in the burgeoning sharing economy.
Related:The Future of the Sharing Economy Is a World Built Like Bitcoin
Watch this motiongraphic, commissioned bySumoCoupon, an online marketplace for coupon codes and deals for hundreds of stores, for a brief synopsis of how the economy has changed since the Industrial Revolution and predictions for how it will look going forward.
