A significant fraction of gifts are unwanted, or the giver pays more for the item than the recipient values it, resulting in a misallocation of economic resources known as a deadweight loss. Unwanted gifts are often regifted, donated to charity, or thrown away. A gift that actually imposes a burden on the recipient, either due to maintenance or storage or disposal costs, is known as a white elephant.
After the Second World War as society became ever more affluent and new technology and materials (plastics) for toy manufacture became available, toys became cheap and ubiquitous in households across the Western World. Among the more well known products of the 1950s there was the Danish company Lego's line of colourful interlocking plastic brick construction sets, Rubik's Cube, Mr. Potato Head, the Barbie doll and Action Man. Today there are computerized dolls that can recognize and identify objects, the voice of their owner, and choose among hundreds of pre-programmed phrases with which to respond. The materials that toys are made from have changed, what toys can do has changed, but the fact that children play with toys has not.
Digital toys are toys that incorporate some form of interactive digital technology. Examples of digital toys include virtual pets and handheld electronic games. Among the earliest digital toys are Mattel Auto Race and the Little Professor, both released in 1976. The concept of using technology in a way that bridges the digital with the physical world, providing unique interactive experiences for the user has also been referred to as "Phygital."
A gift or a present is an item given to someone without the expectation of payment or return. An item is not a gift if that item is already owned by the one to whom it is given. Although gift-giving might involve an expectation of reciprocity, a gift is meant to be free. In many countries, the act of mutually exchanging money, goods, etc. may sustain social relations and contribute to social cohesion. Economists have elaborated the economics of gift-giving into the notion of a gift economy. By extension the term gift can refer to any item or act of service that makes the other happier or less sad, especially as a favor, including forgiveness and kindness. Gifts are also first and foremost presented on occasions such as birthdays and holidays.
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