Technology and the Global Business Environment Flashcards
explain the concept of business
technology
Definition and concept of business technology
Business technology refers to applications of science, data, engineering, and information
for business purposes, such as the
* achievement of economic and organisational goals.
* The main element of technology is the idea of change,
* and how it can affect business and society.
explain the
role of Information Communication Technology (ICT) in business
Role of technology in business:
- ICT is considered to be all uses of digital technology that exist to help individuals, businesses and organisations use information.
- So ICT is concerned with the storage,
retrieval, manipulation, transmission
or receipt of digital data. - Importantly, it is also concerned with the way these different uses can work with each other.
Ways in which technology has influenced banking and commerce
(i)
**Through the introduction of Automatic Teller Machines **
(ATMs) and Automated Banking Machines (ABMs)
* which facilitate the deposit and withdrawal of funds,
* as well as other services without having to go into a bank to
access teller services.
* The location of ATM machines in hotels, petrol stations, malls and supermarkets adds to the convenience of customers who can transact business without having to wait in line at a bank.
(ii)
The practice of on-line banking
* which enables customers to access their accounts from home
and other locations using personal computers.
* This facility enables customers to check their balances from the comfort of their homes and
* permits easy and convenient payment of utility and other bills.
* Customers with more than one account can also use this facility to transfer funds from one account to another.
(iii)
**Through electronic commerce (e commerce). **
* Using the internet, individuals and businesses are now able to make business transactions via the World-wide web, without having to visit a physical brick and mortar store.
* E-commerce has given rise to many on-line stores which permit customers to browse for products and pay for them electronically.
types of ICT used in business
Types of technology:
(a) Traditional
(i) Productivity tools, for example: - - - - -
- Word;
- Excel;
- database software: Access;
- presentation software: PowerPoint, Prezi; and,
- graphics software: Adobe Photoshop.
(ii) Specialist applications: - - -
- Accounting: QuickBooks.
- Computer Aided Design (CAD).
Management Information Systems
(b) digital communication technologies:
(i) internet
(ii) mobile
distinguish between
E-commerce
and E-business
- In both cases, the e stands for “electronic networks” and describes the application of electronic network technology - including Internet
and electronic data. - E-commerce covers outward-facing processes that touch customers, suppliers and external partners,
- including sales,
- marketing,
- order taking,
- delivery,
- customer service,
- purchasing of raw
materials and supplies for production and - procurement of indirect operating-expense items,
such as office supplies. - It involves new business models and the potential to gain new revenue or lose some existing revenue to new competitors.
- interchange (EDI) – to improve and change
business processes.
distinguish between
E-commerce
and E-business
E-business includes e-commerce
* but also covers internal processes such as
* production,
* inventory management,
* product development,
* risk management,
* finance,
* knowledge management
and
human resources.
* E-business strategy is more complex, more focused on internal processes, and
* aimed at cost savings and improvements in efficiency, productivity and cost savings.
ways in which ICT can be used to improve efficiency of business operations
(a) Ways in which technology can improve business:
(i) speed and time;
(ii) easier storage;
(iii) improved sharing of information; and,
(iv) automation.
Benefits of technology to business
(b) Benefits of technology to business:
(i) reach more potential customers, develop a business
relationship with potential customers;
(ii) streamline operations,
* reduce costs,
* improve efficiency
* maximise profit,
* minimise waste,
* devote talent to core business instead of overhead;
(iii) provide better service to customers;
(iv) support better relationships with key partners; and,
(v) allow customers to better guide the business.
discuss the
ethical implications of the use of ICT in business
Consequences of unethical use of ICT:
(a) security;
(b) privacy;
(c) intellectual property infringement;
(d) impact on humans; and,
(e) distraction.
outline the
factors that determine a country’s standard of living and its quality of life;
(a) Indicators of a country’s standard of living (SOL):
(i) level of consumption of goods and services;
(ii) average disposable income of the population;
(iii) level of national ownership of capital equipment;
(iv) access to modern technology;
(v) level of investment in research and technology.
outline the
factors that determine a country’s standard of living and its quality of life;
(b) Indicators of quality of life (QOL):
(i) extent of security enjoyed (level of crime);
(ii) availability of health, educational and recreational
facilities;
(iii) diet and nutrition;
(iv) life expectancy;
(v) rate of infant mortality; ,
(vi) access to public utilities, such as, electricity, potable water and technology.
explain national income and its variations: gross national product,
gross domestic product, per capita income;
explain national income
gross national product
How does national income affect growth ane development and impact standard of living and quality of life
How does gross domestic product affect growth and development and impact standard of living and quality of life
define
How does per capita income affect growth and development and impact standard of living and quality of life per capita income
How does gross national product affect growth and development and impact standard of living and quality of life
the role of education in economic growth and
development
How education can improve the workforce
leading to increase in output.
reasons for international trade
Reasons why countries trade with each other:
(a) one **country may not be endowed with certain assets or have the natural resources **such as land, labour, capital or enterprise to produce the goods that they need;
(b) a country may not be able to produce the goods and services they need in the quantities or of the quality that they require;
(c) a **country may not have the climate to grow certain foods **and have to depend on trade to get it for example wheat in United States; and,
(d) international trade allows for foreign direct investment allowing individuals in one country to invest money in foreign companies and other assets.
identify the
functions of major
economic institutions and systems
Functions of these institutions and related agreements:
(a) Caribbean Community (CARICOM);
(b) Caribbean Single Market and Economy (CSME);
(c) Caribbean Development Bank (CDB);
(d) International Bank for Reconstruction and Development (IBRD);
(e) World Bank;
(f) International Monetary Fund (IMF);
(g) World Trade Organisation (WTO);
(h) Organisation of American States
(OAS).
how economic institutions or trade agreements impact the Caribbean
Explanation of the possible impact that each of these institutions/agreements can have on Caribbean countries.
major economic problems of the Caribbean
Major economic problems in the Caribbean:
* unemployment,
* population density,
* migration,
* debt burden,
* sourcing capital and raw materials,
* economic dualism in the region.
outline
appropriate solutions to the major economic problems of the Caribbean
Possible solutions to economic problems:
(a) access to Foreign Direct Investment (FDI);
(b) development of human resources;
(c) development of manufacturing, distribution and export sectors; ,
(d) development of technology to generate economic activity.
role, benefits and impact of foreign investment
(a) definition of foreign investment (direct and indirect investment);
(b) explanation of how foreign investments can positively impact
Caribbean countries and businesses;
(c) explanation of the negative aspects of foreign investment.
