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Scaling for E-Business by Virgilio A. F. Almeida, Daniel A. Menascé

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1.2. Electronic Markets

Electronic commerce can be loosely defined as any form of business transaction in which the parties interact electronically. A transaction in an electronic market represents a number of interactions between parties. For instance, it could involve several trading steps, such as marketing, ordering, payment, and support for delivery. An electronic market allows participating sellers and buyers to exchange goods and services with the support of information technology. Electronic markets have three main functions: i) matching buyers and sellers, ii) facilitating commercial transactions, and iii) providing legal infrastructure [2]. Information technology permeates all three functions and helps to increase market efficiency ...

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