Section 10 Flashcards
Define Business Technology
Business Technology is applications of science,engineering and data for business purposes such as economic and organizational goals
What is the role of ICT in business
ICT is all uses of digital technology that exist to help individuals,businesses and organizations use information. It is concerned with the storage, retrieval, manipulation, transmission or receipt of digital data and the way in which they work with each other.
How has technology influenced business activity with ATMs and ABMs
ATMs and ABMs facilitate the deposit and withdrawal of funds as well as other services whitout having to go into a bank to access teller servies. The location of these machines adds to convenience of customers who dont have to wait in a line at the bank
How has technology influenced business activity through online banking
The practice of online banking enables customers to access their account from any location using personal computers. It allows customers to check their balances from home, pay bills aswell as transfer funds from one account to another.
How has technology influenced business activity through E-Commerce
Through E-Commerce and the use of internet, individuals and businesses are able to make business transactions via the World-Wide-Web. It has given rise to many online stores allowing customers to browse for products and pay for them electronically.
What are the types of technology used in business
Traditional
Productivity Tools(Word,Excel,Powerpoint)
Specialist Apps(CAD,Quickbooks)
Digital Communication Technologies
Internet
Mobile
What is E-Commerce
E-Commerce refers to outward-facing processes that touch suppliers,costumers and external partners such as marketing and order taking. It involves new business models and the potential to gain new revenue or lose some to competitors
What is E-Business
E-Business includes e-commerce but includes internal processes such as inventory management,production,knowledge management and human resources. The business strategy is more complexed and is focused on internal processes.
How can technology improve business
Speed and Time
Easier Storage
Automation
Improved Sharing of Information
What are some benefits of technology to business
Reach more potential customers
Minimize Waste
Maximize Profits
Reduce Costs
Improve Efficiency
Streamline Operations
Develop business relationships with customers
Provide better service to customers
What are some consequences of unethical use of IT
Security
Distraction
Privacy
Loss of Jobs
Intellectual Property Infridgement
What can indicate a country’s standard of living
Consumption level of goods and services
Average disposable income of population
Access to modern technology
National Ownership level of capital equipment
Investment level in research and technology
What can indicate a country’s quality of life
Availability of Health,Eductaional and Recreational Facilities
Diet and Nutrition
Life Expectancy
Level of Crime
Access to Public Utilities
Infant Mortality rate
What is GDP
GDP is the total money value of what is produced whithin a country during a one year period. It does not take into account goods and services produced abroad
What is GNP
GNP is the total money value of what is produced whithin a country as well as by firms based abroad owned by locals.
What is National Income(NI)
NI is the total money value of what is produced by a country whithin a one year period after deducting depreciation
What is Per Capita Income(PI)
PI is the statistical average of income per head but does not tell how income is distributed whithin the economy hence there can be a High PI but inequal wealth distribution
What is standard of living(SOL)
SOL is the well-being of people and is measured by examining the amount and state of goods and services consumed by them
What is quality of life(QOL)
QOL is the material measurements of a country’s wealth. It is an assessment of whether the general population benefits from this wealth
What are some reasons why coutnries trade internationally
Climate - Not all crops used by people are grown in the same country due to climatic differences hence the need for export
Specialization - Some countries can produce goods more efficiently,faster and of higher quality than others hence countries prefer to import from them
Technology - Some countries lack the technology and the know how to produce certain goods and have to import from others
Politics - Promotes necessary political relationships between countries
What is the function of CARICOM
The function of CARICOM is to solve some problems of regional development and to operate as a regional common market
What is the function of CSME
The function of CSME is to benefit the people of the region by providing more and better opportunities to produce and sell goods and services and to attract investment
What is the function of Caribbean Development Bank(CDB)
The function of CDB is to contribute to the harmonious economic growth and development of the member countries in the caribbean to promote economic cooperation amongst them
What is the function of the World Bank
The function of the World Bank is to provide loans to developing countries for capital program with the intention of reducing poverty
What is the function of the Inter-American Development Bank(IADB)
The function of IADB is to reduce poverty and inequality through financing of economic and social development projects
What are some major economic problems in the caribbean
Unemployment
Population density
Migration
Debt burden
Sourcing capital
Raw materials
Economic dualism
What are some possible solutions to economic problems
Access to foreign investment
Development of Human Resources
Development of technology to generate economic activity
What is foreign investments
Foreign invesments are investments made when the foreigner sets up their business in the country
What are some advantages of foreign investments
Reduces unemployment rates
Increases Capital
Increases Government revenue through taxation
Helps to improve balance of payments
