We often hear a lot about social media and marketing these days. However, in this article, you will learn about the kinship that data makes between social media and the domain of economics. Well, economics is the social science of goods and services and is concerned with producing, consuming, and transmitting wealth. In the area of economics, we commonly distinguish between two distinct disciplines of study: microeconomics and macroeconomics. Microeconomics analyzes the interactions between individuals and firms and the decisions made by individuals and firms about how to allocate scarce resources. On the other hand, macroeconomics studies the economy as a whole. Things like gross domestic product, unemployment rates, national income, price indices, etc. Besides, social media seems like a cheerful and frivolous form of art, hobby, or can be an activity, so what is the link between social media, data, and economy?

To begin, social media is the closest thing we have to mind viewing on a large scale. You can gain valuable information from social media sites if you are interested in answering microeconomic issues concerning why people spend their time and money on various things. As social media is used everywhere, it is a wonderful resource for anyone attempting to grasp macroeconomic issues such as unemployment rate. A well-known example is that if you log into Twitter, it will be presented with a list of the day's most popular trends. It indicates what is on the collective society's mind, which is a critical component of economic theory.

People can locate different types of jobs and possibilities with the benefit of social media, which helps to reveal the number of unemployed people and is also useful for assessing national employment rates at times. In addition to delivering information, social media sites are used to facilitate social and economic transactions. Banks, corporations, and non-profit organizations provide customer support 24/7 with the advantage of various social media sites. You can even

open a bank account through social media platforms. Various health treatments are now being delivered through social media platforms. Moreover, we are currently dealing with a massive array of natural disasters. And one of the most important things we discovered is that social media can be used for disaster response, both for gathering information about risks particularly the need to evacuate, and for helping to document the impact of disasters in areas where people have taken social media to express their feelings about the disasters they have faced. People even use it to call for aid when they are in need.

Cities with higher levels of social media usage also had better levels of economic output and income (Florida, 2010). Moreover, higher levels of social media use had better openness to diversity than the other cities. However, it raises the intriguing question of how social media affects the economic system and how data plays a key role within it. In terms of economic issues, social media provides a new source of information. Still, data science approaches are required to

extract the information from unstructured words and convert it into a form that can be practiced and implemented. Besides, information is sent in real-time. A lot of people use social media sites, and these are relatively quick with GPS location, time frame, and codes, as well as statistics about the trend. There are a lot of things to do to make it look the way it does, as well as to figure out what it means and how to read it in a way that will help to find useful patterns in the data. So, it is true that social media is advancing our economy as it gives us useful data from its platforms.