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MISY 5350 - Exam 1 Questions & Answers 2023/2024

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MISY 5350 - Exam 1 Questions & Answers 2023/2024 Formal definition of e-commerce - ANSWER-the use of the internet, the web and mobile apps and browsers running on mobile devices to transact business. More formally, digitally enabled commercial transactions between and among organizations and individuals Definition of e-business - ANSWER-the digital enabling of transactions and processes within a firm, involving information systems under the control of the firm Example of e-business - ANSWER-a company's online inventory control mechanism Digital commerce - ANSWER-same as e-commerce Information asymmetry - ANSWER-any disparity in relevant market information among parties in a transaction Unique features of e-commerce technology - ANSWER-1. Ubiquity 2. Global reach 3. Universal standards 4. Information richness 5. Interactivity 6. Information density 7. Personalization/customization 8. Social technology Ubiquity - ANSWER--available just about everywhere, at all times -reduces transactions costs (the costs of participating in a market)

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