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Facebook impacts the economy

Speaking of Facebook, it is the most popular social networking site in the United States of America. It has a host of features that are not available on other sites. Members can have pillow fights with other members online, provide virtual gifts to fellow users, and even post classified ads. In fact, many businesses take advantage of the classified ads through the Facebook Marketplace. “Whether it's offering photo portraits, catering services or aerobic class instruction, Facebook's Marketplace has become more than just the online bazaar its name suggests - it has become a gold mine for tech-savvy entrepreneurs looking to tap into a fast growing pool of young and free-spending customers (Cosh 2007).”

Just as members can use Facebook as consumers, they can also use it to sell their services. Craigslist and Google Adwords have already used the Facebook Marketplace for advertising purposes, including job postings. Politicians have also used this site to promote their campaigns, particularly during the presidential campaign of 2008. President Barack Obama gained support from many young voters through the use of Facebook, and this website is one of the reasons why we now have our nation’s first African-American president.