ECONOMICS

Detailed explanation-1: -Crowdsourcing is an umbrella term for a set of tools, approaches and concepts that deal with the process of outsourcing work (including seeking ideas) to a large and possibly unknown group of people (the crowd) usually external to the organization.

Detailed explanation-2: -What Is Crowdsourcing? Crowdsourcing is the outsourcing of work to a large, sometimes undefined crowd of people. It can also be thought of as a method of sourcing goods, labor, information, or ideas from a large group of participants.

Detailed explanation-3: -Outsourcing software development model hires an external service provider (company or individual) to carry out all or part of the de-velopment tasks. Crowdsourcing software development model hires skilled workers from the crowd using an open-call to carry out all or part of the development tasks.

Detailed explanation-4: -Crowdsourcing is the practice of turning to a body of people to obtain needed knowledge, goods or services. The term crowdsourcing is a combination of crowds and outsourcing and was coined in 2006 by Wired magazine author Jeff Howe in his article “The Rise of Crowdsourcing."