Economics of Online Marketplaces
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Questions and Answers

What is one advantage that online marketplaces have over traditional stores?

  • Ability to offer a wider range of products (correct)
  • Lower demand for niche products
  • Higher physical capital costs
  • Limited consumer choices

What concept explains the ability of online sellers to reach consumers whose demand for products is low?

  • Supply chain efficiency
  • Long tail tendencies (correct)
  • Inventory management
  • Market concentration

How does peer production impact the information economy?

  • It limits the participation of skilled individuals.
  • It restricts innovation.
  • It widens the market for IT services. (correct)
  • It increases the cost of services.

What is a consequence of information asymmetry in markets?

<p>Market distortions due to producers' knowledge (D)</p> Signup and view all the answers

What role does the internet play in product diversity for consumers?

<p>It enables the offering of a wider variety of products. (A)</p> Signup and view all the answers

Which statement reflects George Berkeley's concept as discussed in the content?

<p>Representation in information systems defines reality. (D)</p> Signup and view all the answers

What is a possible downside of reduced physical capital costs?

<p>Limited access to IT services for unskilled individuals. (C)</p> Signup and view all the answers

What effect does the 'long tail' have on consumer behavior?

<p>It increases the variety of products available. (D)</p> Signup and view all the answers

What is a direct consequence of the limitations in software verification?

<p>Software cannot be guaranteed to be error-free. (A)</p> Signup and view all the answers

Which component of the Von Neumann architecture is responsible for executing instructions?

<p>Arithmetic and logic unit (B)</p> Signup and view all the answers

What type of memory is part of the Von Neumann architecture?

<p>Volatile random-access memory (RAM) (C)</p> Signup and view all the answers

How does the Von Neumann architecture handle program execution?

<p>It executes programs sequentially after loading them into memory. (C)</p> Signup and view all the answers

What role does the control unit play in the Von Neumann architecture?

<p>It identifies instructions to be executed. (A)</p> Signup and view all the answers

Which of the following best describes the Von Neumann architecture's interaction with users?

<p>It relies on input and output devices for user interaction. (B)</p> Signup and view all the answers

What characterizes Moore's First Law in relation to computing hardware?

<p>The performance of hardware doubles approximately every two years. (B)</p> Signup and view all the answers

Why is the central memory in the Von Neumann architecture considered volatile?

<p>It loses content when power is lost. (D)</p> Signup and view all the answers

What is one primary outcome of a programmer distributing object code?

<p>The source code can remain confidential. (B)</p> Signup and view all the answers

What is a significant drawback of decompilation?

<p>It does not ensure a complete result can be obtained. (C)</p> Signup and view all the answers

What is necessary for good digital representation in data conceptualization?

<p>Identification of entities and their attributes. (A)</p> Signup and view all the answers

What role do key attributes play in data representation?

<p>They help in identifying each instance uniquely. (A)</p> Signup and view all the answers

How does the semiotic triangle illustrate the relationship of words?

<p>It connects words to concepts and real-world instances. (A)</p> Signup and view all the answers

In terms of classes and instances, what is a class characterized by?

<p>A broader concept from which instances are derived. (D)</p> Signup and view all the answers

According to data protection rules, what is required when storing personal attributes?

<p>Only necessary attributes should be stored. (A)</p> Signup and view all the answers

What are attributes in the context of instance representation?

<p>They are characteristics of individual instances. (D)</p> Signup and view all the answers

Which type of algorithm experiences a minimal increase in process time as the input size grows?

<p>Low Computational Complexity (D)</p> Signup and view all the answers

An example of an algorithm with average computational complexity is:

<p>Sequential search (C)</p> Signup and view all the answers

What is the primary characteristic of algorithms with high computational complexity?

<p>Execution time increases at a more-than-proportional rate (C)</p> Signup and view all the answers

Which statement about machine language is true?

<p>It consists of binary code (0s and 1s) that the computer directly executes. (A)</p> Signup and view all the answers

What is the role of an assembler in programming?

<p>To translate assembler language into machine code (D)</p> Signup and view all the answers

What describes high-level programming languages as compared to low-level languages?

<p>They are designed to be easier for humans to read and understand. (B)</p> Signup and view all the answers

Which of the following best describes how source code can be translated into object code?

<p>Via interpretation or compilation methods (C)</p> Signup and view all the answers

The main challenge of using machine language for programming is:

<p>Its low-level nature and dependency on hardware (A)</p> Signup and view all the answers

What is the primary purpose of the LKIF-Core Ontology?

<p>To provide common terminology for legal information exchange (B)</p> Signup and view all the answers

Which of the following statements about symmetric cryptographic systems is true?

<p>They utilize a single shared key for both operations. (A)</p> Signup and view all the answers

What is one function of cryptography?

<p>To maintain the confidentiality of documents (D)</p> Signup and view all the answers

In asymmetric cryptography, what roles do the public and private keys serve?

<p>The public key is used for encryption, while the private key is for decryption. (A)</p> Signup and view all the answers

Which of the following best defines a digital signature?

<p>A mechanism ensuring the authenticity of a document using asymmetric cryptography (C)</p> Signup and view all the answers

What concept does the term 'hash' relate to in cryptography?

<p>A fixed-length value representing an original document (B)</p> Signup and view all the answers

What is a key characteristic of asymmetric cryptographic systems?

<p>They use a pair of keys: one public and one private. (D)</p> Signup and view all the answers

Which example illustrates the concept of symmetric cryptography?

<p>Shifting letters in the alphabet as in Caesar’s Cipher (B)</p> Signup and view all the answers

Which of the following best describes a key benefit of blockchain technology in cryptocurrencies?

<p>It ensures the security of exchanges. (C)</p> Signup and view all the answers

What is a defining characteristic of big data?

<p>It comes in various formats including text and images. (D)</p> Signup and view all the answers

What role do smart contracts play in peer-to-peer networking?

<p>They automate and execute contractual agreements. (A)</p> Signup and view all the answers

Which of the following does not contribute to the phenomenon of big data?

<p>Low internet connectivity. (D)</p> Signup and view all the answers

What is a potential challenge posed by big data?

<p>Concerns regarding data privacy. (B)</p> Signup and view all the answers

Which of the following aspects does not describe big data's velocity?

<p>It limits the volume of data available. (C)</p> Signup and view all the answers

What primarily drives the increase in the volume of data?

<p>Widespread adoption of sensors and smart devices. (D)</p> Signup and view all the answers

How does data analysis contribute to handling big data?

<p>It extracts useful information from data. (B)</p> Signup and view all the answers

Flashcards

Long Tail

The ability of online marketplaces to offer a vast array of products, even those with low demand, due to reduced distribution costs.

Reduced Cost of Online Distribution

The decreased cost of distributing goods and services online, allowing sellers to offer a wider range of products.

Decreased Cost of Physical Capital

The ability of individuals or small businesses to participate in the information economy due to the lower cost of physical capital required for digital services.

Peer Production

The production of goods or services by a group of individuals who collaborate online, often without traditional hierarchical structures.

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Open Source Distribution

The distribution and modification of software code freely available to the public, allowing others to contribute and improve it.

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Information Asymmetry

A situation where one party in a transaction has more information than the other, leading to potential market distortions or unfair outcomes.

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ICT Systems and Social Reality

The use of ICT systems to represent and interact with reality, impacting social interactions and relationships.

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Esse Est Percipere

The idea that reality exists only when it is perceived, highlighting the role of information systems in shaping our understanding of the world.

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Von Neumann Architecture

A computer architecture that stores both instructions and data in the same memory location, allowing for fast and efficient execution of programs.

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Control Unit

The part of the CPU responsible for interpreting and executing instructions stored in the memory.

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Arithmetic and Logic Unit (ALU)

The part of the CPU that performs arithmetic and logical operations on data.

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Central Memory (RAM)

The internal memory of a computer that stores both instructions and data temporarily while the computer is running.

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Volatile Memory

A type of memory that requires power to retain its data, meaning data is lost when the power is turned off.

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Moore's Law

An observation about the trend of increasing transistor density on integrated circuits, leading to faster and more powerful computers.

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Low Computational Complexity

Algorithms with low computational complexity experience a minimal increase in processing time as the input size grows.

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Average Computational Complexity

Algorithms with average computational complexity experience a proportional increase in processing time as input size grows.

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High Computational Complexity

Algorithms with high computational complexity experience a more-than-proportional increase in processing time as input size grows.

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Machine Language

Machine language is the basic binary code (0s and 1s) directly understood by a computer, but it is challenging to write complex programs in it due to its low-level nature and hardware dependence.

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Assembler

Assembler is a more readable language that uses words and decimal numbers to represent machine instructions. An assembler program translates this language into machine code.

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Code Components

Code contains: Operation to be executed > operand, address of the memory cell containing the data on which the operation should be executed.

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High-Level Language Advantages

High level languages compared to machine language are designed to be easier for humans to read and understand. They are closer to human language and independent of hardware specifics.

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Source Code Translation

Source code can be translated into object code through interpretation (line-by-line) or compilation (whole program at once).

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LKIF-Core Ontology

A specialized vocabulary used in legal information exchange, defining common concepts and their relationships.

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Domain Ontology

A set of concepts, their properties, and relationships within a specific domain, like copyright law.

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XML and Legal Ontologies

Marking up text with XML tags to link it to concepts defined in an ontology, improving semantic understanding and processing.

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Cryptography

The practice of transforming readable text into an unreadable format to protect it from unauthorized access.

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Symmetric Cryptography

A cryptographic system using the same key for both encryption and decryption.

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Asymmetric Cryptography

A cryptographic system using two related keys: a public key for encryption and a private key for decryption.

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Digital Signature

A digital signature is created using asymmetric cryptography to ensure the authenticity and integrity of a message or document.

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Hash

A short, fixed-length value that represents the original document or message, used for integrity verification.

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Peer-to-Peer Networking

A technology that facilitates secure digital interactions without requiring a trusted third party.

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Blockchain Technology

A decentralized, secure platform that ensures the security of exchanges within cryptocurrencies like Bitcoin.

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Smart Contract

A computer program that automates and expresses the content and execution of a contractual agreement, allowing for self-executing contracts based on predefined terms.

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Big Data

Refers to the vast increase in the quantity of data available in digital form, exceeding the data generated by humans.

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Reasons behind increase in data leading to "Big Data"

The availability of communication power, increased storage capacities, and the rise in data generated by connected devices.

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Data Analysis

Extracting useful information and value from large datasets.

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Potential and Challenges of Big Data

Big data holds potential in fields like healthcare, markets, and understanding human interactions, but it also raises concerns about privacy, data protection, fairness, and potential discrimination.

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Data Analysis

The process of extracting valuable information and insights from data.

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Decompilation

The process of converting object code back into source code. It is a complex reverse engineering method but cannot guarantee a complete or accurate result.

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Data Conceptualisation

Representing real-world entities and their relationships within a computer system. It involves defining classes, attributes, and relationships that capture relevant aspects of reality.

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Semiotic Triangle

A representation of the relationship between a linguistic sign, its concept, and its real-world extension. It helps understand how language connects to our concepts and reality.

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Classes

General schemas or blueprints for creating individual instances. They represent a concept that can be instantiated with various attributes.

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Attributes

Specific characteristics of an instance belonging to a class. They describe individual properties and qualities.

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Relationships

The connections between instances of different classes. They define relationships and interactions between entities in a system.

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Data Minimization

The process of minimizing the amount of data collected and stored, focusing only on what is necessary and relevant. It ensures compliance with data protection regulations.

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Key Attributes

Attributes that uniquely identify each instance within a class. They provide a clear and unambiguous way to distinguish individual entities.

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Study Notes

Information Society Characteristics

  • Characterized by a shift from industrial to information-based society
  • Information and communication technologies (ICTs) are central
  • Information is the raw material
  • New technologies have pervasive effects
  • Interconnectivity creates a network society
  • Flexibility in processing, use, and distribution of information
  • Convergence of different technologies
  • Increase in available information
  • Automation of activities
  • Emergence of big data and artificial intelligence
  • New opportunities and challenges for individuals
  • Concerns about privacy, autonomy, and inequality
  • Internet of Things (IoT) connects physical objects to the internet
  • Network effect: value of a network increases with more users
  • Risk of monopolies due to network effects
  • Information asymmetry: producers often know more than consumers
  • Market distortions can happen because of information asymmetry

Network Society, Network Effect, and Monopolies

  • Network effect describes how a network's value increases exponentially with more users
  • Increased value drives adoption of dominant products/services
  • Network growth can lead to horizontal monopolies (controlling contiguous products)
  • Software interoperability can mitigate this tendency
  • Long tail trend: reduced distribution costs allow niche products to reach more consumers
  • Decreased physical capital costs widen participation in information economy (peer-to-peer production, open-source).
  • Information asymmetry: potentially leading to market distortions

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Description

Explore the dynamics of online marketplaces through this quiz. Test your understanding of concepts like peer production, information asymmetry, and the effects of the internet on consumer behavior. Delve into economic theories and their application in the digital age.

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