sharing economy: meaning, definition, pronunciation and examples
C1Formal, Academic, Business, Media
Quick answer
What does “sharing economy” mean?
An economic system in which individuals or groups share access to underused assets or services, often facilitated by a digital platform.
Audio
Pronunciation
Definition
Meaning and Definition
An economic system in which individuals or groups share access to underused assets or services, often facilitated by a digital platform.
A socio-economic model built around the sharing of human and physical resources, often characterized by peer-to-peer transactions, collaborative consumption, and access over ownership. It challenges traditional notions of markets, employment, and property.
Dialectal Variation
British vs American Usage
Differences
No significant lexical differences. Spelling of related words follows regional conventions (e.g., organise/organize). The term is equally established in both varieties.
Connotations
In both regions, it connotes innovation, disruption, and sometimes controversy regarding labour rights and regulation. Slightly stronger association with Silicon Valley/tech culture in American discourse.
Frequency
High and roughly equal frequency in business, tech, and economic discourse in both the UK and US. Slight edge in American English due to the prominence of US-based platform companies.
Grammar
How to Use “sharing economy” in a Sentence
The sharing economy [verb: is growing/disrupting/relies on]Platforms in the sharing economy [verb: connect/match/facilitate][Noun: Growth/Participation] in the sharing economyVocabulary
Collocations
Examples
Examples of “sharing economy” in a Sentence
verb
British English
- The new app aims to **share-economise** urban transport.
- They are trying to **share** their car through a platform.
American English
- The startup wants to **sharing-economy** the boat rental industry.
- She **shares** her apartment when she's out of town.
adverb
British English
- The service operates **sharing-economy-style**.
- They live quite **sharing-economy**, owning very little.
American English
- The company functions **like a sharing economy** platform.
- They travel **using sharing economy** principles.
adjective
British English
- It's a **sharing-economy** business model.
- They discussed **sharing-economy** platforms.
American English
- He works in the **sharing-economy** sector.
- The city introduced **sharing-economy** regulations.
Usage
Meaning in Context
Business
Used to describe disruptive market models, investment opportunities, and new consumer behaviour patterns (e.g., 'Our strategy must adapt to the sharing economy.').
Academic
Used in economic, sociological, and legal studies to analyse impacts on labour markets, urban planning, and regulatory frameworks (e.g., 'The sharing economy challenges classical definitions of the firm.').
Everyday
Used to refer to services like Uber, Airbnb, or tool libraries when discussing how to get a ride, rent a holiday flat, or borrow things (e.g., 'We used the sharing economy to find a cheap place to stay.').
Technical
Used in tech and platform design to discuss algorithms for matching, reputation systems, and API ecosystems (e.g., 'The platform's trust algorithm is critical for the sharing economy model.').
Vocabulary
Synonyms of “sharing economy”
Strong
Neutral
Weak
Vocabulary
Antonyms of “sharing economy”
Watch out
Common Mistakes When Using “sharing economy”
- Using it as a countable noun (*a sharing economy* is less common; usually 'the sharing economy' as a concept).
- Confusing it with the 'gig economy' (the sharing economy includes asset sharing; the gig economy focuses on task-based labour).
- Misspelling as 'share economy' (the standard form is 'sharing economy').
FAQ
Frequently Asked Questions
No, but they overlap. The sharing economy focuses on sharing access to assets (cars, homes, tools). The gig economy focuses on short-term, task-based labour (food delivery, freelance work). Many platforms, like Uber, involve both.
Its main benefit is increased efficiency and utility by providing access to underused assets, often at a lower cost than traditional ownership or rental models, and creating new income streams for asset owners.
Criticisms include the circumvention of regulations and taxes applicable to traditional businesses, the precarious nature of work for service providers (lack of benefits), and potential negative impacts on housing markets and community cohesion.
Theoretically, yes (e.g., traditional tool libraries, carpooling boards). However, the modern, scalable concept is entirely dependent on digital platforms, mobile internet, and algorithmic matching to efficiently connect a vast number of dispersed users.
An economic system in which individuals or groups share access to underused assets or services, often facilitated by a digital platform.
Sharing economy is usually formal, academic, business, media in register.
Sharing economy: in British English it is pronounced /ˈʃeər.ɪŋ ɪˈkɒn.ə.mi/, and in American English it is pronounced /ˈʃer.ɪŋ ɪˈkɑː.nə.mi/. Tap the audio buttons above to hear it.
Phrases
Idioms & Phrases
- “Access over ownership is the mantra of the sharing economy.”
- “It's the Uber of [X] (pattern describing a sharing economy disruptor in a specific sector).”
Learning
Memory Aids
Mnemonic
Think of 'SHARE' as the core: '**S**ervices and **H**omes, **A**ssets and **R**ides **E**verywhere' – all connected by an app.
Conceptual Metaphor
THE ECONOMY IS A NETWORK (of peers). / OWNERSHIP IS A BURDEN. / IDLE ASSETS ARE WASTE.
Practice
Quiz
Which of the following is NOT a core characteristic of the sharing economy?