New and Emerging Technologies

Question 1

What is an Automation, and what are its advantages?

Answer 1

• automated machines are programmed to carry out a procedure multiple times
• the cost of setting up machinery is high
• when they are operating, less waste is produced and running costs lower

Question 2

What is the difference between robotics and automation?

Answer 2

Robots use artificial intelligence (AI) to collect information and improve the performance of a particular procedure.

Question 3

What are the advantages and disadvantages of robotics?

Answer 3

• popular for their ability to increase efficiency and handle harmful materials that humans can’t
• very expensive

Question 4

What is crowdfunding?

Answer 4

• new businesses borrowing money from a bank to raise enough funds to develop a project
• this is risky and, with interest payments, can be expensive
• uses websites to advertise products as investment opportunities, where people can choose to back a project with financial donation if they think it will be viable
• backers are often rewarded with free gifts, discounts or a pre-agreed part of any profits if the product is successful

Question 5

What is virtual marketing?

Answer 5

• promotion of products online and sharing experiences, reviews and recommendations has rapidly become part of retail experience.
• algorithms can generate information about users’ buying habits and suggest relevant retail sites for them to try using
• search engine optimisation (SEO). Blogs, vlogs and social media all provide advertising platforms, and costs of retailing from a website are far lower than from a high street shop

Question 6

What are cooperatives?

Answer 6

• organisations with lots of people working together towards common goals
• run and owned by members who share decisions-making, profits and risk