Positive Economic Implications

Lower cost in the long run

In the long run, the economic benefits reaped which would outweigh the initial start up cost.Once the infrastructure is up and running, the added cost of running a different simulation on it would be minimal. Also in the area of training, fewer professional trainers would be needed to provide the training, reducing the added expense of labour. Using a simulator to train is much cheaper compared to having the situations re enacted in reality. For example, if the training of pilots is conducted where real planes are being used, the amount of money needed to be spent on fuel would be exorbitant. However, using flight simulation, the simulator does not run on fuel but is able to provide the same training to the pilots.

Increasing productivity and efficiency

The use of augmented reality and simulation virtual reality would increase productivity and efficiency by enabling people to be able to carry out their activities in the virtual world from wherever they are. For example, a person could be at home in bed eating their breakfast but they could use their avatar in the virtual world to attend the meeting. As the avatar would represent them, they do not have to be presentably dressed and sitting at a table to attend the meeting which would allow them to multitask. This increased productivity and efficiency would in turn reap economic benefits.

Positive

Economic Implications

Increase Global Transaction

There would be an increase in global transactions because the different virtual worlds may be able to converge with each other in real time. This will allow the global transactions to proceed at a faster rate because people would be able to conduct them anytime and anywhere as long as they have access to their virtual world through their Google Glass for example and carry out the transaction with all the requisite information on the go.