WITH REFERENCE TO ITUNES, WHAT IS THE FUNDAMENTAL ECONOMIC BASIS OF INTERNET COMMERCE?
Traditional economics (see Adam Smith) is primarily concerned with solving the problem of scarcity. Scarcity arises because consumer wants are unlimited but resources are limited. Consumer sovereignty rules the free market which determines the most efficient allocation oflimited resources through supply and demand. However, today we live in an age of abundance (Insert reference from Chris Anderson, Free). The emergence of ICT technologies, including (mobiles, internet) has brought about an abundance of information in the form of bits and bytes that are bound by neither time nor space. Rather than solving the problem of scarcity, the fundamental economic basis of internet commerce solving
