IT-LI

Question 1

What is a bit?

Answer 1

At its simplest ‘bit’ is a truncation of the term ‘binary digit’. To expand, a binary digit is simply either a 0 or a 1.

Question 2

ASCII or the American Standard Code for Information Interchange

Answer 2

ASCII is the common system used by all computers to encode all the letters and
punctuation of the English Language. ASCII gives each character a value between 0 and 255, 255 being the
maximum number which can be created by an eight-character byte of bits

Question 3

Rivalrous and nonrivalrous goods

Answer 3

Rivalrous and nonrivalrous are terms of economic art. Rivalrous goods are goods whose consumption by one consumer prevents simultaneous
consumption by other consumers. Nonrivalrous goods are usually intangible.

Question 4

Three effects of digitization

Answer 4

1. It represents a shift from ownership or control of things to ownership of or control over
   information.
2. It represents a new and revolutionary model to market and deliver products or services.
3. It represents a move from rivalrousness to nonrivalrousness.

Question 5

Digital goods as utilities

Answer 5

The nonrivalrous nature of digital goods has seen digitally consumed content move from being goods (like groceries or clothes) which you pay for on demand, to utilities (like gas or water) which are streamed directly to your device and are normally paid for by monthly subscription rather than per item.

Question 6

The informational paradox

Answer 6

Information is valuable. It is also (almost) infinitely scalable, nonrivalrous, and intangible.

Question 7

Digital convergence

Answer 7

Digital Convergence means inclination for various innovations, media sources, content that become similar with the time. It enables the convergence of access devices and content as well as the industry participant operations and strategy.