New And Emerging Technologies Flashcards
Define automation.
Using automatic equipment in production
What are 2 advantages of automation?
Less waste produced (due to more accuracy)
Lower running costs
What are 2 disadvantages of automation?
It’s expensive
Creates a lack of jobs
What is the difference between robotics and automation?
Robotics uses AI to collect information and improve specific and overall performance.
Give 2 reasons why robotics is popular in product manufacturing.
Increase efficiency
Ability to handle harmful materials
Robotics is…
Blimming expensive
What is the demographics movement?
The movement of people, possibly due to redundancy from the introduction of automation and robotics
Define workforce skills set.
The skills of people who work in an organisation
What is a privately owned business?
A company owned by a non-governmental organisation or person
What is an advantage of being a privately owned business?
The ability to adapt to market changes quickly.
What is crowdfunding?
Online investment opportunities where people can back a project with a financial donation if they think that it is potentially viable and they can earn some sort of profit
What are start up loans?
A programme run by the government that provides financial support for a business to be set up
What is a not-for-profit organisation?
Profits from the business are reinvested into the business.
