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A shared economy is a peer-to-peer economic model where individuals and businesses can easily exchange resources, goods, and services. For example, eBay enables customers to trade in or buy new or used items and deliver them to their houses using their interface.
In a shared economy, products and resources are allocated cooperatively among groups. One of its models, a peer-to-peer (P2P) based system, enables access to goods and services through a community-based online platform for purchase and sharing. The most common example is crowdfunding. It allows people to support one another’s initiatives financially, raise money for them, or buy their goods.
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A shared economy is based on pooling and sharing goods and resources. It utilizes a community-based digital platform that connects buyers and sellers to the marketplace.
The types include Real Sharing, gift-giving, and commercial shared.
There are three models: Peer-to-peer lending, crowdfunding, and co-working.
Peer-to-peer networks allow decentralized exchanges to occur and organizations to benefit from underutilized resources. However, it has legislative barriers and incidences of misuse.Examples Example #1
An example of the shared economy is carpooling. The leading company in this industry is “Uber.” If two riders travel the same route, the platform encourages them to share a ride. It helps you save a lot of money.Example #2
Co-working spaces like We Work provide sharing spaces for different businesses and startups to work under one roof. Budding organizations with low capital prefer using these workspaces over renting. The spaces boast conference rooms, canteens, recreational areas, and coffee machines.Example #3
Education sharing has gained popularity recently. Businesses like Udemy bring teachers and students across the world together. Using technology, teachers can provide up-to-date lessons to their students no matter where they are.Types
Real sharing: It is when something is shared free of expectations. For example, you are donating money to an NGO.
Gift giving: When the sharing occurs with expectations. For example, you offer a good or service, hoping others will return the favor, like fixing a bug for a coworker.
Commercial sharing: Sharing happens to intend to earn money out of it. It includes investing in a business or using services like Uber and Airbnb.Models Peer-to-peer Lending
It utilizes decentralized networks to transfer money without banks.
The platform stands as a middleman between buyer and seller.
Many platforms also provide loans that banks do not give.
These platforms help people borrow money at much lower interest rates than most banks.Crowdfunding
Connecting donors and investors with entrepreneurs and business owners.
One can use this whenever one requires funding for a project or venture.
The owner offers a share in return.
Crowdfunding is less time-consuming and provides more success.Co-working
Various businesses share a single workspace.
Employees can come and work from a common shared space.
All the companies split the costs for electricity, rent, and maintenance.Apartment Renting
Notable platforms like OYO or Airbnb provide accommodations to travelers who need them.
Hosts specify the price and the availability for travelers.Education Sharing
With the help of technology, one can learn on online platforms.
Teachers can reach students around the world and deliver the latest learnings.
For example, there are online educational platforms like Coursera, Skillshare, Udemy, etc.Fashion Sharing
Specific platforms allow people to share apparel and clothing with those who might need it.
Some examples are Rent the Runway, Y Closet, golden tote, and more.Difference Between Shared vs. Gig Economy
It centers on the sharing, buying, and offering of products and services through an Internet platform. A gig economy offers flexible and transient employment opportunities for contract and freelancers.
It closes the gap between consumers and the owners of unutilized assets. It fills the gap between businesses and independent contractors.
The use of idle assets generates extra cash for asset owners and the accessibility of these assets to customers at a lesser cost while simultaneously providing convenience. There is a rise in accessible, cost-effective services and the ease and flexibility of flexible work schedules.
Prevent underutilization of assets – Sharing the same resources increases their use. No proper regulations – This is a rapidly growing model that authorities cannot keep up with.
Save money and resources – You can share resources for some time instead of renting or purchasing. Tax categories uncertain – Working abroad can incur different kinds of tax burdens.
Offers flexibility – You can finish the task according to your convenience. Few incentives and perks – Freelancers do not get the same perks and bonuses as regular employees.
Better utilization of resources – Sharing enables better utilization. Reduced Safety– Potential fraud and scams on digital platforms are risky.
Get the best price – You can compare prices with other platforms to find your best price. Volatile – May be vulnerable to market fluctuations.
Less impact on the environment – It reduces the effects of wastage and pollution. Cooperation – Relies on close collaboration between people on both sides.Final Thoughts Frequently Asked Questions (FAQs) Q1. What is a shared economy?
Answer: A shared economy is an economic model in which individuals share goods and services. It is also known as a collaborative economy. A peer-to-peer model uses a digital platform to connect buyers and sellers.Q2. What platforms come under the shared economy?
Answer: This can change from place to place. But certain popular apps like Uber, Udemy, Airbnb, and businesses like We Work come under the umbrella of the shared economy. These platforms encourage users to pool and share their resources and divide costs.Q3. What impact has the shared economy had?
Answer: The shared economy is relatively new and has disrupted traditional business sectors. It has multiplied post-pandemic. Companies that have ignored its benefits have found it difficult to survive in a rapidly changing world. The economy has revolutionized transportation, consumables, and services, among others. The healthcare sector will likely adopt it in the next few years.Q4. How is the shared economy different from the gig economy?
Answer: The shared economy focuses on goods and assets. The gig economy is a model where a person performs a task in return for monetary compensation. It includes part-time gigs and freelance contracts as opposed to full-time employment. TaskRabbit and Lyft are examples of gig economy apps.Recommended Articles
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Introduction to Oracle Queries
Query is a type of language used in Oracle database to retrieve data from tables, manipulate the data (insert records into the tables present in the database, update the values of column/columns of a particular table and also delete the records of the tables stored in database), also it is popularly known as SQL or Structured query language (structured query because Oracle database is structured database since data is stored in the form of rows and columns).
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Hadoop, Data Science, Statistics & othersTypes of Oracle Queries
Now let us look at the types of Oracle Queries. We will go through each one of them one by one.1. SELECT Query
This query is used when we want to retrieve the data from one or more tables. There is no data manipulation done when we execute this query. Let us understand the syntax with example.
Expressions: It represents the columns that we want to retrieve. If we want all the columns we can use *
Tables: Here we provide the name of the table or tables from where we want the data.
Where Condition: This is optional. It is used when we want data to be retrieved based on certain conditions. If we use where condition then the data will be retrieved only if the condition is satisfied.
In this example, we are selecting all fields (as we have used *) where the age is greater than thirty-two (the where condition states that age should be greater than thirty-two).
Now we will see how to select from multiple tables the first example was to select from only one table.
SELECT employees.employeeid, chúng tôi FROM employees INNER JOIN vehicles ON employees.vehicleid = vehicles.vehicleid ORDER BY employeeid;
In the second example, the select statement joins two tables and gives us the employee id from table employees and vehicle names from table vehicles based on the vehicle id.2. INSERT Query
As the name suggests this query is used to add single or multiple records in the table. It causes data manipulation in the table. Let us understand by syntax and example.
VALUES (value 1, value 2, …., value n1)
table: Name of the table in which data is to insert
column1, column2, …., column1: These are the name of columns in which values are to be inserted.
value 1, value 2, …., value n: Values or expressions to be inserted in the aforementioned columns.
source table: The table from where data will be inserted
WHERE condition: Optional clause, It is required if data is to be inserted based on some condition.Example:
Now let us go through some examples.
VALUES(“AB005”, ”Nilanjan”, 27);
In the above example, we are inserting a single record into the already created employe table.
In the above example, we are inserting records into the customer’s table from the employee table where age in employees table is greater than 25.3. UPDATE Query
Using Select Statement
[Column1…columnn1]: It represents the columns whose values we want to update.
[expression1…..expressionn1]: It represents the values that we want to assign to the respective columns.
WHERE conditions: It specifies the condition which has to be fulfilled for the update to take place.
In this first example, we are directly providing the value to be updated in the column based on a condition.
In this second example, we are providing the value by retrieving it from another table using a select query.4. DELETE Query
This query is used to delete existing records from the table. One important point to keep in mind here is that if you want to delete records or record based on condition then we have to use WHERE clause or else it will delete all the records from the table.
Table: It is for the name of the table
[Condition]: The records which satisfy this condition will get deleted.
DELETE FROM employees;
In the first example, only the record with id ‘AD003’ gets deleted while in the second example the employees’ table would not have any record.5. TRUNCATE Query
This query is also used to delete records from an existing table. The difference between delete and truncate is DELETE is DML command whereas TRUNCATE is DDL which means TRUNCATE query upon execution cannot be rolled back. It can be rolled back only if it is wrapped in a transaction.
TRUNCATE TABLE table name;
TRUNCATE table employees;
Once we execute the above TRUNCATE query it deletes all records from the existing employees’ table.Recommended Articles
This is a guide to Oracle Queries. Here we discuss what is a query in general with respect to database operations. The different types of oracle queries that are present and how to use them. You may also look at the following articles to learn more –
What are Barriers to Entry?
Barriers to Entry are the obstacles a company may face while starting a business in a new industry. These barriers can be startup & fixed costs, patents, technological issues, etc.
For example, if an industry has one or two well-known brands with a loyal customer base, it can become challenging for new companies to compete. This represents the brand recognition barrier.
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The barriers can be financial, technological, natural resources-based, political, or legal.
Different markets may have different competitive dynamics, so companies should assess their competitive landscape carefully before entering, including high capital requirements or the need for specialized knowledge.
Companies should devise a clear plan to overcome these potential barriers to be successful.Examples of Barriers to Entry Example #1: Smartphone Market
Samsung, with its large screen, and Apple, with a face ID, have dominated the smartphone market for the past decade. However, with new technologies like foldable displays and 5G networks, we are seeing a shift in power in this industry.Example #2: Retail Banking Sector
The retail banking sector is one of the most competitive in the financial industry, with a pervasive network, making it impossible for a new entrant to compete with the already established players.Types of Barriers to Entry Patent
The company gets the special rights to produce a particular good for a specified period. It prevents competitors from entering the market.
Pharmaceutical and technology fields often get patented goods.Economies of Scale
As a business grows, it enjoys reduced cost prices. For example, Grocery stores can get basics like milk and bread at lesser prices, whereas smaller shops do not have that privilege.Sunk Cost
It is the necessary cost an entrant must make and is unrecoverable.
Since it is impossible to recover these costs, a company may be discouraged from making the first investment.Technological Advancement
Starting a new business, owners need to have a specific know-how level. One can work in supermarkets and learn the nitty-gritty before owning one.
Companies like software and airlines have a bit of a knowledge barrier.
The software business owner should either be an expert or hire a coder.Brand Loyalty
For instance, brands like Coca-Cola or Nutella are essentially unmatched in their quality and price, making it impossible to compete with a company that has historically invested worth trillions in establishing itself.
Consumers have formed a habit of trusting these brands.Difficulties in Changing Suppliers
In some markets, consumers feel restrained because of the procedures required to switch suppliers.
For example, the banking, insurance, and electricity industries are too complicated.Control Over Distribution Channels
Some businesses, like Amazon, have complete control over their channels and distribution networks, making it difficult to find their rivals.
Due to its endless choice and display of products in each category that fits all pockets, customers have to look no further.Business Response Tactics
The existing established players try to block the new companies from entering the market.Regulation
Regulations require extra cost, time, and effort before a business can catch momentum. A restaurant owner must handle many health and safety regulations besides others.
Often companies have to hire a lawyer. When a new entrant enters the market, the existing ones may create additional barriers for them by offering benefits or offers to the targeted customers.Importance of Barriers to Entry Increased Profitability
Existing businesses can enjoy increased profitability by making it harder for new competitors to enter the market.
Their cost of production stays low, and demand for their services remains high.Brand Recognition
With fewer competitors in the market, existing businesses can benefit from increased brand recognition and credibility.
Customers will be more likely to seek out their services due to their reputation.Established Footprint
They prevent new competitors from undercutting them on price or offering better products or services.
It helps preserve its customer base and market position.Security of Investments
Existing businesses can protect their investments and assets from devaluing by creating barriers.
They prevent new competitors from entering the market with deeper pockets and more resources from taking their investments.Reduced Price Wars
With fewer competitors in the market, price wars are less likely to occur as businesses become more difficult to undercut each other’s prices.
Barriers to Entry can make it difficult for new businesses to compete against established ones.
It enables businesses to control the supply of goods and services to maximize profits. It can be challenging for those who do not have the capital required to start a business.Final Thoughts Frequently Asked Questions (FAQs)
Answer: The main barriers are Economic obstacles, scale and scope economies, product differentiation, substantial capital requirements, legal impediments, and concentration of strategic assets.Q4. What are the examples of barriers? Q5. What are the characteristics of tariff barriers?
Answer: Barriers are instruments of control that also produce international rules, allowing you to determine whether a product is regulated and legal. But in many nations, it works against them, and they struggle with new economic development. The least developed countries, including Chad and the Bahamas, have the highest tariff barriers.Recommended Articles
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blog / Artificial Intelligence and Machine Learning What is Supervised Learning in Machine Learning? A Comprehensive Guide
With the rise of big data, supervised learning has become critical for industries such as finance, healthcare, and e-commerce. To appreciate exactly why it has gained such importance, let’s first understand what supervised learning is. In simple terms, supervised learning is a standard machine learning technique that involves training a model with labeled data. This blog will explain the fundamentals of supervised learning, its types, algorithms, and applications. We will also go over the steps involved in implementing supervised learning and some of the challenges that come with it.What is Supervised Learning?
Supervised learning is a type of machine learning in which a computer algorithm learns to make predictions or decisions based on labeled data. Labeled data is made up of previously known input variables (also known as features) and output variables (also known as labels). By analyzing patterns and relationships between input and output variables in labeled data, the algorithm learns to make predictions. Image and speech recognition, recommendation systems, and fraud detection are all examples of how supervised learning is used. The examples below will help explain what supervised learning is.3 Examples of Supervised Learning Email Filtering
Supervised learning is commonly used in email filtering to classify incoming emails as spam or legitimate. A machine learning algorithm is trained using a labeled dataset containing examples of both spam and legitimate emails. The algorithm then extracts relevant information from each email, such as the sender’s information, the subject, the message body, and so on. It learns from the labeled dataset to identify patterns and relationships between these features and their corresponding labels (spam or legitimate). Once trained, the algorithm can use the extracted features to predict the label of new, unseen emails. If an email is predicted to be spam, it can be automatically filtered into a spam folder, saving the user’s inbox space.Credit Scoring
In credit scoring, supervised learning is used to predict the creditworthiness of loan applicants. A labeled dataset containing examples of past loan applicants and their credit history, income, employment status, and other relevant factors is used to train a machine learning algorithm. The algorithm learns to recognize patterns and relationships between these features and their corresponding labels, such as whether or not the loan was repaid. Once trained, the algorithm can predict loan repayment likelihood for new loan applicants based on their input features.Voice Recognition
Supervised learning is utilized in voice recognition to help virtual assistants and other applications recognize and understand spoken commands. A labeled dataset of spoken words and phrases with corresponding text transcripts is used to train a machine learning algorithm in such scenarios. The algorithm learns to recognize relationships between spoken word audio features such as pitch, amplitude, and frequency and their textual representations from the labeled dataset. Following the training phase, the algorithm can begin analyzing new audio inputs and attempting to transcribe them into text form. This allows virtual assistants to understand and respond to spoken commands like managing reminders, playing music, or controlling smart home devices.
ALSO READ: What’s the Fate of AI in 2023? 8 Pathbreaking Technology TrendsWhat are the Types of Supervised Learning? Regression
Regression is a supervised learning method for determining the relationship between dependent and independent variables. In addition, it employs labeled datasets in an algorithm to forecast continuous output for various data. Here, it is widely used in situations where the output must be a single value, such as weight or height. There are two types of regression:
This is used to detect the relationship between two variables and to make future predictions. It is further subdivided according to the number of independent and dependent variables. Simple linear regression, for example, is used when there is only one independent and one dependent variable. Multiple linear regression is used when there are two or more independent and dependent variables.
Logistic regression is used when the dependent variable is categorical or has binary outputs such as ‘yes’ or ‘no’. Since logistic regression is used to solve binary classification problems, it predicts discrete values for variables.Naive Bayes
The Naive Bayes algorithm is well-suited for large datasets because each program in the algorithm operates independently, and the presence of one feature has no effect on the other. Its applications include text classification, and recommendation systems, among others. There are various Naive Bayes models of which the decision tree is commonly used in business. A decision tree, unlike a flowchart, is a supervised learning algorithm composed of control statements containing decisions and their consequences. Iterative Dichotomiser 3 (ID3) and Classification algorithm and Regression Trees (CART) are two popular decision tree algorithms used in a variety of industries.Classification
Classification is a type of supervised learning algorithm which involves the process of accurately assigning data to different categories or classes. In essence, it entails identifying and analyzing specific entities in order to determine the appropriate category or class. K-nearest neighbor, Random forest, Support vector machines, Decision trees, and Linear classifiers are some popular classification algorithms.Neutral Networks
Neutral Networks perform the process of grouping or categorizing raw data. Additionally, this algorithm is also employed in the interpretation of sensory data and the identification of patterns. The algorithm’s use, however, is limited due to the need for high computational resources.Random Forest
The random forest algorithm is known as an ensemble method as it combines multiple supervised learning techniques to make a conclusion. Moreover, it uses several decision trees to classify each tree, making it a popular choice in a variety of industries.
ALSO READ: What is Unsupervised Learning? What Benefits Does it Offer?Steps Involved in Supervised Learning
The following are some of the common steps involved in supervised learning:
Gather labeled data
Divide the data into two sets: Training and Testing
Select an appropriate algorithm
On the training set, train the algorithm
Analyze the algorithm’s performance on the testing set
If necessary, fine-tune the model to improve performance
Make predictions on new, unlabeled data using the trained model
When implemented in a professional context, supervised learning can foster a healthy workplace environment that prioritizes ongoing education and supports a culture of continuous growth.
It gathers previous data, which aids in learning from past mistakes
It is a powerful Artificial Intelligence (AI) tool that can handle a wide range of business functions on its own
It is a reliable algorithm
Some of the drawbacks of supervised learning are:
Large data sets tend to be difficult to categorize
To operate, a certain level of expertise is required
It takes a long time to process
To conclude, supervised learning is a well-known machine learning technique used for training models to predict outputs based on input data. With proper model selection and training, supervised learning can be a powerful tool for solving a wide variety of real-world problems. To learn more about these subjects, explore these machine learning and artificial intelligence courses offered by Emeritus in association with the best universities around the world.
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Circular Flow of Income Meaning
The Circular Flow of Income is a macroeconomic concept explaining how income or money flows through various sectors of an economy.
For example, McDonald’s uses dollars to pay the landlord for the space it rents or its employees’ salaries. In either scenario, the dollar returns to someone’s wallet after entering their household’s income. The family or someone from the family then uses the received payment to spend on food at McDonald’s. Thus, the money finally returns to the beginning of the flow.
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The circular flow of income explains the flow of money from producers to households and back to the producers.
There are two aspects to this concept, namely, real flow and money flow
The three primary methods involved in the process are value-added, income, and expenditure method
Its analysis helps the government determine and adjust its monetary and fiscal policy.Circular Flow of Income- How Does it Work?
Usually, businesses, individuals, and the government runs an economy
In a free market, companies produce and sell products to earn revenue. They use the income to pay wages to people who outsource their services to these firms
The households then partially spend their income on food, clothing, entertainment, etc., and use the rest for savings and buying things outside of the economy (imports), also called leakages
To equalize the leakages, some firms do business outside the country (exports), and some borrow money for investment. It is known as an injection, as the money eventually returns to the flow
The money spent on necessities by the citizens returns to the firms, which explains the Circular Flow of Income.Example of Circular Flow of Income Example #1:
A ketchup factory’s factors of production are tomatoes, industrial land, and laborers. As a result, the households enjoy monetary compensation for the rented industrial land, farmers profit from selling tomatoes, and the laborers get wages.
Once the final ketchup bottles are in the market, the households purchase the ketchup bottles using wages, rent, or profits. The money goes to the producers, and factory owners, eventually completing the circular flow.Example #2:
As a result, she uses the money from the rent to buy the furniture. Therefore, the money the XYZ company paid as the rent came back to them as business profits. It explains the income circular flow.Circular Flow of Income Types Real Flow
It is the flow of factor services, like land, labor, and entrepreneurship, from households to companies
There is no involvement of money; both sides only exchange services
It generally helps determine an economy’s growth.Money Flow
It explains the movement of money from the flow of factor payments, such as rent, wages, and interest from firms to households.
Here, there is an exchange of funds between households and firms
Nominal flow is another name for money flow.Methods of Calculation & Formulas Value-added Method
This method calculates the national income as per the different production phases of goods and services
It aims to calculate the value added to the product during the various stages of production.
Formula: National Income = Net Domestic Product at Factor Cost + Net factor income from abroadIncome Method
This method totals the income individuals earn in exchange for their services. It takes into account the rent, interest payments, wages, and profits
It is also known as NDPfc, i.e., net domestic product at factor cost.
Formula: National Income = Rent + Wages + Profit + Interest + Mixed IncomeExpenditure Method
It calculates the expenditures of individuals, businesses, and the government
The formula sums the consumer purchase (C), government expenditure (G), investments by business firms (I), and net exports (NX).
Formula: National Income = C + G + I + NXFinal Thoughts
The Circular Flow of Income is the economic concept of the constant flow of money. It shows the interdependence of different economic sectors. In addition, it highlights the link between earning and spending in an economy. Thus, it becomes vital to understand the income flow to understand the economic wealth of a nation.Frequently Asked Questions(FAQs) Q1. What are the four sectors in the circular flow of income? Q2. What are the three primary income flows of an economy?
Answer: Total production, income, and spending are the three ways income flows in an economy. Production concerns the entire demand and supply of goods and services. On the other hand, income and spending consider the cash inflow and outflow through the economy.Q3. What are Leakages and Injections in the Circular Flow of Income?
Answer: While leakages are withdrawals of money from the circular flow, injections are the addition of money. Leakage happens when individuals save money that does not pass through the regular flow—for example, savings, imports, and taxes. Injection occurs when households/firms borrow money from institutes like banks. It helps increase the flow of income in an economy—for example, investment, exports, and government expenditure.Q4. What are the different phases of the Circular Flow of Income?
Answer: There are three phases in the circular flow of income: Generation, distribution, and disposition. In the generation phase, the firms initiate the production of goods and services with the aid of the factor service. In the distribution phase, income factors like rent, wages, etc., move from the firms to households. The last phase, i.e., the deposition phase, the public utilizes their income on the goods and services the firms generate.Recommended Articles
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Apple tends to introduce new changes with each iteration of iOS. The recently released iOS 15 brings along a new feature as well that helps manage shared content on your device, called ‘Shared with you‘. iOS is now capable of identifying and categorizing shared content that was shared with you in the Messages app.
This feature supports content from various services and even can sync your shared content across all your devices. This will make it easier for you to keep up with shared content on your device and view it whenever you open the concerned app.
Apple also gives you the ability to hide your shared content as well as remove it from the concerned app. But why offer two different options? Do they work differently? What happens when you use either of the options? Let’s find out!
iOS lets you control your ‘Shared with content’ in multiple ways. One of these ways is to moderate users from whom your receive shared content. While you can continue receiving content from a contact, you can turn off ‘Shared with You’ for them.
Once turned off, the content shared by the particular contact will no longer show up in the ‘Shared with You’ section of the respective app. The ‘Hide in Shared with You’ option is just another shortcut to toggle off this setting.
This option will show up once you tap and hold on a shared content from any contact on your device. Once you select ‘Hide in Shared with You’, all the content from the particular app will be hidden in the ‘Shared with You’ sections of the dedicated app.
Difference between ‘Remove’ and ‘Hide in Shared with You’
If you’ve tried to remove content from your ‘Shared with You’ sections then you might have realized that the ‘Remove’ option seems to be different from ‘Hide in Shared with You’. And that’s true, selecting ‘Remove’ will remove the selected content from within the app’s ‘Shared with You’ section.
‘Hide in Shared with You’ on the other hand will prevent the contact’s shared content from showing up in the respective apps. Hence you won’t need to remove each item one by one again. This is how ‘Remove’ differs from ‘Hide in Shared with You’.
Essentially, you can use ‘Remove’ to remove an item from a ‘Shared with You’ section in an app while you can use the ‘Hide in Shared with You’ option to stop content from a contact showing up in the ‘Shared with You’ section.
How to use ‘Hide in Shared with You’
To use the ‘Hide in Shared with You’ option, navigate to the desired conversation in your ‘Messages’ app. Now find a shared link, photo, or any other type of content and tap and hold on to it. A context menu should now appear on your screen. Simply tap and select ‘Hide in Shared with You’ to hide content from the particular contact in all ‘Shared with You’ sections.
How to use ‘Remove’ under ‘Shared with You’ in any app
Navigate to the ‘Shared with You’ section of the desired app where you wish to remove an item and tap and hold on to it. Once the context menu appears on your screen, tap and select ‘Remove’. Confirm your choice by tapping on the same again and the selected item will now be removed from your ‘Shared with You’ section.
► What Apps Support ‘Shared With You’?
If you wish to restore content then you can do this in two ways. You can either navigate to the desired conversation, tap on the contact name, and turn on the toggle for ‘Shared with You’ or you can tap and hold on to a piece of content in the chat and select ‘Share automatically’. This will turn on ‘Shared content’ for the selected contact and content from them should now showing up in the ‘Shared with You’ section.
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