It seems everyone is using Facebook, including a sizable number of businesses built around the platform. It's an entirely new industry, dubbed the "App Economy," and for the first time, professors at the University of Maryland's Robert H. Smith School of Business have been able to quantify the economic impact of jobs created by this new industry.

In this edition of Smith Business Close-Up with the Smith School, Il-Horn Hann, associate professor of information systems, talks about new research that measures the number of jobs created and the dollar value of Facebook's app economy.