You could use newsconomy for multiple things. You could go there just to look at or find interesting things.
You could find things by different topics by using tags in a url. For instance, say you wanted to find items about dictionaries. You could go here: http://newsconomy.com/tag/dictionary You could find interesting things on youtube: http://newsconomy.com/tag/youtube etc.
When you submit things, you could tag them with certain tags to create lists of items. For instance I created a list of items of my blog posts about newsconomy by tagging them with newsconomy when I submitted them: http://newsconomy.com/tag/newsconomy If I wanted to show someone some blog posts about newsconomy, I would just need to give them the link to the list of newsconomy items.
If you wanted to easily and quickly create an RSS feed with certain items in them, you could make a list of items on newsconomy by using a certain tag, and you would automatically have an rss feed with those items. Here's an rss feed with all items tagged with newsconomy: http://newsconomy.com/rss/tag/newsconomy
You could display rss feeds you make on other websites by using feed2js. I displayed an rss feed from newsconomy on my blog, on the lower right part that starts with "Newsconomy: mudge's items"
When you submit items, they automatically go into your account. You have a list of items that consists of everything you have submitted. For example the user sqs has his items here: http://newsconomy.com/sqs You can get items you submitted (or other people) with certain tags by putting the tags in the url, like this: http://newsconomy.com/sqs/dictionary Putting items into your account and tagging them helps you remember things better, and helps you find them later.
Finally, buying items is a way of trading items with people. It's not fully developed yet. Also, buying items puts them at the top of lists, and all buying is recorded with the items.