The shared economy, also known as the collaborative economy, refers to a system where individuals share access to goods and services, often facilitated by technology. This model allows people to rent, borrow, or exchange items instead of owning them outright, promoting resource efficiency and reducing waste. Examples include platforms like Airbnb for lodging and Uber for transportation. In the shared economy, participants can earn income by sharing their underutilized assets, such as cars or spare rooms. This approach fosters community connections and can lead to cost savings for consumers. Overall, the shared economy encourages a more sustainable and collaborative way of living.