New and Emerging Technologies Flashcards
What Is Enterprise?
Enterprises the ability to identify business opportunities and take advantage of them. This can be used to generate new ideas and successful businesses those that can adapt quickly to change.
What is crowdfunding?
Crowdfunding is a new way of enabling individuals to promote an idea on a platform, such as a website to a large audience. People can then choose to invest in projects that they believe to be worthwhile.
What do those support of project through crowdfunding usually receive?
Those who support a project through crowdfunding are called backers, and they generally get rewarded for their investment, usually in the form of gifts, discounts and shares in the business
What is virtual marketing and retailing?
Virtual marketing and retailing is the increased use of the Internet in selling products. This includes online advertising such a social media adverts and pay-per-click advertising. Most businesses now have online stores and websites where customers can shop
What is a cooperative?
A cooperative is a business that is owned and run by its workers, the workers and members make the decisions within the business and share in the profits made. They usually based around local communities but they can also be larger businesses such as nationwide building society.
What is fair trade?
Fair trade no ensures that farmers get a fair price for their produce, so they can provide for their families. It also aims to improve trade terms and conditions for workers. Fair trade products are usually labelled accordingly.
What is automation and what is it used for?
Automation involves the use of automatic equipment and it was first developed and used on a large scale during the industrial revolution to help with the increase in demand for manufactured goods
What are the advantages of automation?
Increase efficiency and productivity
Fewer errors and greater accuracy
Limited human input, reducing labour costs
The ability to perform work that is otherwise dangerous to humans
What are the Disadvantages of automation?
Expensive to set up and maintain
Replace a human labour, leading to job losses
No human judgement
Requires high skilled workers to operate the equipment
What is the impact of new technology on buildings and equipment?
Technologies such as Wi-Fi have significantly improved workplace efficiency by enabling faster communication and data transfer and has lead to greater energy efficiency in buildings and equipment
What is computer aided design?
CAD allows users to draw, design, and model products by creating 2-D and 3-D models that can be manipulated to test ideas before manufacturing
What is computer aided manufacturing?
CAM uses computer numerical control to create CAD designs. The software creates the 3-D coordinates of every point of the design and the CAM machine interprets these coordinates to manufacture it.
What are the advantages of CAD?
More accurate than hand drawings
Designs can be extensively amended and tested before production
Several designers can work on the same project simultaneously
Offers 3-D views of models
What are the disadvantages of CAD?
Can be difficult to learn
Can require large amounts of memory
Expensive software
What are the advantages of CAM?
Higher level of accuracy
Increased speed and efficiency
Can operate 24 hours a day
What are the disadvantages of CAM?
Expensive equipment
Requires maintenance
Replaces human workforce