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Ecommerce is another area where I had been traditionally intimidated, just like I was with online advertising. But for beginners, there are some options, and one of the reasons I chose Google Checkout as an example is because it is free and simplifies a lot of the process of setting things up. Sometimes I wonder if I’m doing learners an injustice by trying to find the easiest possible online payment solution, because you don’t end up with an appreciation of just how much hassle such solutions can remove. I also wonder this particularly with classes. So I’m going to mention again (with apologies to students) that teachers might want to have students start by using an open source shopping cart system mentioned at the end of this chapter and setting up ecommerce that way. Then come back and try Google Checkout.

So we’re going to approach this like some other tours, to give you a taste of what you can try, without being comprehensive. It’s definitely one of those things that an entire book could be based on. (And yes, there are plans to make a Google Checkout Primer.) I do recommend that you try it out and then bookmark some of the resources that Google offers as far as documentation goes, so that you can come back and learn more if you’re interested.

The growing use of information and communications technology (ICT) by business—e-business— has a profound impact on the economy. E-business lowers costs and increases the choices available to consumers and firms. These microeconomic changes work their way through the economy and ultimately influence macroeconomic conditions. Overall, e-business benefits the economy in many ways. Nevertheless, not all the effects of e-business on macroeconomic conditions are positive, and some aspects of e-commerce may limit the effectiveness of monetary policy.

E-business changes the macro economy in several beneficial ways. Some gains are static in nature, arising from the more efficient use of existing resources. For example, increases in productivity increase a nation's GDP. In addition, by lowering search and transaction costs, e-business unleashes deflationary pressures. Other gains are dynamic, altering the path national growth takes. By lowering the cost of transferring and employing knowledge, ICT enables greater R&D and innovation, which is crucial to long-run economic growth.

E-business exacerbates some macroeconomic policy challenges, and raises new ones. E-commerce crosses state borders seamlessly, resulting in lost sales tax revenue for state and local governments. Consequently, e-business has potentially severe implications for fiscal policy and government financing, and policymakers continue to seek methods to tax e-business. The rise of electronic payments (e-payments) and the advent of e-money, an electronic medium of exchange separate from legal tender issued by a central bank, also complicate monetary policy and may alter its goals.

This article covers some of the impacts e-business has on the economy, emphasizing macroeconomic effects. Evidence from various empirical studies examining the impact greater use of ICT by business has on U.S. GDP is presented, followed by a review of the ways e-business affects monetary and fiscal policy. Suggested directions for future research and a discussion of issues that e-business of fee payment gateway presents policymakers close out the article.

At the microeconomic level, e-business increases the productivity of firms and enhances the economic welfare of consumers. Use of ICT by business increases productivity and profits by lowering search and transaction costs, enabling greater specialization, and broadening the market for trading goods. Through business-to-business (B2B) transactions, firms can connect their inventory systems with each other to order additional product quickly without using much labor in the process). Business-to-consumer (B2C) e-business expands the marketplace, producing greater competition, lower prices, and broader consumer choice. Collectively, these reductions in cost and increases in productivity and consumer choice significantly benefit the economy.

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