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TikTok claims its contribution to the economy is huge

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The report was done with the cooperation of TikTok, which granted its authors access to information on the site.

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TikTok has significantly influenced the U.S. economy, contributing to growth and supporting businesses.

Small and midsize businesses, in particular, have benefited from TikTok's algorithm which promotes discovery of niche brands.

The platform's user base includes over 170 million active users and supports over 7 million businesses.

TikTok's impact extends beyond entertainment, affecting economic growth and business marketing strategies.

Discussions around TikTok's operations and regulations in the U.S. have been ongoing, including proposals and decisions by the government regarding the platform's management and security measures.

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Influencers increase demand for the products they promote by leveraging their social media reach and personal credibility. When influencers advertise a product, their followers perceive it as more desirable due to trust and aspirational factors. This creates a surge in demand as their audience believes in the influencer’s authenticity and sees the product as beneficial or trendy.

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Positive analysis: The Washington post article states that TikTok significantly contributes to the U.S. economy, adding $24.2 billion to GDP and generating $14.7 billion in revenue for small businesses, while supporting 224,000 jobs (especially in states like California and Texas). The platform also has a huge impact on the food and beverage sector as well as minority-owned businesses, many of which have reported increased sales and new brand partnerships.

Normative Analysis: TikTok promotes equity by empowering smaller businesses and promoting a more inclusive economy, which uses efficient marketing to engage larger audiences at lower costs. The main beneficiaries of TikTok Shop are small business owners, especially minority-owned.

In conclusion, TikTok effectively helps small businesses grow, create jobs, and helps promote fairness. It offers a low cost way for small and minority-owned businesses to market themselves and compete in a marketplace, which helps boost their revenue and partnerships. While these smaller businesses benefit, larger companies might struggle with the increase of competition and feel threatened. Overall, TikTok’s positive impact on the economy and support for entrepreneurs that may feel unrepresented show why we should keep supporting digital platforms. Their efficiency in reaching broader and wider audiences emphasizes their growing importance in today’s business world.

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Have you ever bought something off of Tik Tok shop?

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Effect of Influencer Activity on Product Demand

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TikTok operates in a competitive digital market, allowing businesses to reach niche audiences, which shifts advertising strategies toward more targeted and personal methods.

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Graphic visualization of the equilibrium model for the TikTok market

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The article highlights how TikTok has driven $14.7 billion in small-business revenue and contributed $24.2 billion to the U.S. GDP. This suggests that TikTok has effectively increased demand for products and services promoted on the platform. This confirms a rightward shift in the demand curve.

The model predicts that influencer marketing drives viral trends and promotes products, increasing consumer demand. The article supports this by stating 69% of small business owners using TikTok reported increased sales, and 39% said TikTok is crucial to their businesses’ existence.

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The article states that TikTok allows small businesses, including minority-owned businesses, to expand their sales. And with the low barrier to entry, TikTok enables businesses to enter markets quickly and efficiently. With more businesses entering markets, there is an increase in supply.

The equilibrium model predicts an increase in supply due to low barriers to entry and an increase in businesses supply. The article does not confirm this prediction, although we can make inferences that with increasing sales, there will be some level of supply-side response.

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The model predicts an increase in quantity, but not a significant increase/decrease in price. The article supports this prediction as it describes a large increase in revenue (price multiplied by quantity). As demand and supply both increase through TikTok marketing, we see a higher equilibrium quantity as businesses grow and consumer demand increases.