Old Economy vs New Economy

Question 1

List 2 features of the old economy

Answer 1

It was time-consuming.
It required loads of labor.
It was driven mechanically.
It was constrained by time and distance.

Question 2

List 2 features of New economy

Answer 2

It is digital
Time and distance are irrelevant
It is tech-driven.
It is knowledge-based

Question 3

List 3 limitations of the old economy to the new economy

Answer 3

Old Economy New Economy
Slow and direct Fast and unpredictable
Local competition Global competition
Capital Intensive Knowledge and people capabilities
Covers small areas Covers Large areas

Question 4

List 2 benefits of the new economy?

Answer 4

Size of equipment is reduced
Bussiness can start in small capital
Creates new jobs
Greater competition

Question 5

Manual data processing have always been done with …………………

Answer 5

Pen and Paper