Every analysis of a phenomenon, be it of a scientific, economic, social, or another character, should start with an analytical effort to make the fundamental concepts and ideas involved as clear as possible. The phenomenon of Information Technology Revolution has been treated in the literature from different points of view and characterised by different terms, stressing one or another aspect of its multifaceted nature or manifestations. Although there is much common understanding of what the main characteristics of this phenomenon are, different emphases associated with different terms may lead to unnecessary misunderstandings. It is important therefore to outline the main ideas and concepts that will underlie this essay.