reply to this discussion and Explain to your classmate one strategy that a consumer can use to protect their personal data.

• Describe the microeconomic principles being used. What is driving the demand for data? What impact will regulations on the use of private data have on supply and, thus, firms?

Big data is used to gather customer information, for example, shopping habits, likes, and wants. It helps companies decide on their products and services regarding supply and demand and adjust prices to contribute to price and productivity adjustmentsthe demand for big data collection benefits companies in making informed decisions, resulting in a better experience for customers looking for products.

Regulating the ability of big data collection will impact businesses in making informed decisions on their product. Not knowing how valuable your product is to consumers will provide inaccurate information and may result in firms competing with unfair competition with different prices or supplying too much or too little product.

• Evaluate the different market structures from which big data benefits the least and the most.

Big data can benefit the most from a monopolistic market since there is no other competition to compete with. Monopolistic markets are limitless to the number of consumers needing their product. Big data, however, is less powerful in a perfect competitive market because competition from different companies is offering different values for their products. Big data would then provide inaccurate information to suppliers trying to offer the best deal for their products and services.

• While data collection may benefit the business community, discuss consumers' concerns as big data proliferates.

The first concern for consumers using big data is the misuse of private information. The advances in big data collection are increasing so rapidly that it is difficult for consumers to get used to the technology or even trust it. Private information can contribute to misused data. Data leakage has led to many stolen accounts.