Core Technical Principles Flashcards
What is automation?
The use of automatic equipment in production.
What was the industrial revolution?
The process that transformed manufacturing from handmade to machine-made
What is artificial intelligence?
Use of computer systems to perform tasks that usually require human intelligence.
What is smart technology?
Technology that uses a chip to store information.
What is renewable energy?
Power that is generated using natural resources that will not run out
What is a modular building?
A building made of smaller, prebuilt parts put together.
What are some advantages of modular buildings?
- Can be erected quickly
- Low cost
- Improvements in stock control mean less storage space needed
What is interest?
A fee charged for borrowing money, or money earned from savings.
(calculated as a percentage)
Why is traditionally borrowing money from a bank for a buisness risky?
It can be expensive with interest payments
What is crowdfunding?
A large number of people who raise money for a project or venture
What does viable mean?
Something that will work successfully.
What is virtual marketing?
Virtual campaigns using social media to spread the work have become popular way to launch products.
What are cooperatives?
A buisness owned, governed and self managed by its workers
What is fair trade?
A movement that aims to achieve fair and better conditions and opportunities that promote sustainability for developing countries.
What is a sustainable resource?
A resource that can be replaced once used