Explain the Concept of Network Externalities

question 256

Essay

Explain the concept of network externalities.

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Definitions:

Functionalism

A theory in psychology that considers mental states and processes to be characterized by their function in the mental system, rather than by their internal constitution.

Information Processing Approach

A psychological framework that considers how humans process, store, and retrieve information, analogous to computer operations.

Human Mind

The collective aspects of intellect, consciousness, and emotions that constitute the mental capabilities of a person.

Computer

An electronic device capable of processing, storing, and retrieving data, executing a wide range of tasks according to instructions.