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Manonita Rathore
Gig economy and behaviour &soft skills Expert
Asked a question last year

What is the Sharing Economy?

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Manonita Rathore
Gig economy and behaviour &soft skills Expert

The sharing economy is an economic model defined as a peer to peer  (P2P) based activity of acquiring, providing, or sharing access to goods and services that is often facilitated by a community-based on-line platform.

  • The sharing economy involves short-term peer-to-peer transactions to share use of idle assets and services or to facilitate collaboration.
  • The sharing economy often involves some type of online platform that connects buyers and seller.
  • The sharing economy is rapidly growing and evolving but faces significant challenges in the form of regulatory uncertainty and concerns about abuses.

Communities of people have shared the use of assets for thousands of years, but the advent of the Internet—and its use of big data —has made it easier for asset owners and those seeking to use those assets to find each other. This sort of dynamic can also be referred to as the shareconomy, collaborative consumption, collaborative economy, or peer economy.

Sharing economies allow individuals and groups to make money from underused assets. In a sharing economy, idle assets such as parked cars and spare bedrooms can be rented out when not in use. In this way, physical assets  are shared as services.

The capitalist sharing economy is a way of purchasing goods and services that differs from the traditional business model of corporations hiring employees to produce products to sell to consumers. In the sharing economy, individuals are said to hire out things like their cars, homes and personal time to other individuals in a peer-to-peer fashion.

Jahnvi Singh Parihar
Communication Skills, Educational Technology & Operations Expert

 Sharing economies allow individuals and groups to make money from underused assets. In a sharing economy, idle assets such as parked cars and spare bedrooms can be rented out when not in use. The sharing economy is an economic model defined as a peer-to-peer (P2P) based activity of acquiring, providing, or sharing access to goods and services that is often facilitated by a community-based on-line platform.

  • The sharing economy involves short-term peer-to-peer transactions to share use of idle assets and services or to facilitate collaboration.
  • The sharing economy often involves some type of online platform that connects buyers and seller.
  • The sharing economy is rapidly growing and evolving but faces significant challenges in the form of regulatory uncertainty and concerns about abuses.