Final answer:
The network effect is the phenomenon in which an interconnected system becomes increasingly valuable as more members are connected to it.
Step-by-step explanation:
The phenomenon in which an interconnected system becomes increasingly valuable as more members are connected to it is known as the network effect. This concept is often observed in technology-related contexts, such as social media platforms, where the more users there are, the more valuable the platform becomes for each user. For example, a social media platform becomes more useful as more people join, as it increases the opportunities for social interactions, sharing of content, and networking.