In fact, they used the word element to talk about anything that was basic. Ancient Greek philosophers, for example, thought that everything consisted of four elements: earth, fire, water, and air. Other philosophers thought there were only two elements: sulfur and mercury.
The Internet was expected to eliminate search costs (Pereira 2005). For example, electronic commerce was predicted to cause disintermediation as search costs become low enough for end-consumers to incur them directly instead of employing retailers to do this for them.
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