NETWORK EFFECTS
\nˈɛtwɜːk ɪfˈɛkts], \nˈɛtwɜːk ɪfˈɛkts], \n_ˈɛ_t_w_ɜː_k ɪ_f_ˈɛ_k_t_s]\
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A single person's effect from using a good or a service on the total perceived value of that product or service for others. The more people who use a product or service, the higher it's value becomes to a similar group. Some examples are the telephone and social networks. As a larger group uses a telephone, it becomes more essential to a larger group. As more people join a social network, the site holds greater value to the people who belong. Also known as network externality.
By Henry Campbell Black
Word of the day
ACTUAL CHANGE OF POSSESSION
- In statutes of frauds. An open, visible, and unequivocal change possession, manifested by the usual outward signs, as distinguished from a merely formal or constructive change. Randall Parker, 3 Sandf. (Y.) 09; Murcii v. Swensen, 40 Minn. 421, 42 N. W. 290; Dodge v. .Tones, 7 Mont. 121, 14 Pac. 707; Stevens Irwin, 15 Cal. 503. 76 Am. Dec. 500